Real non-farm unit labour costs have grown strongly in trend terms for the second quarter in a row, while gross value added per hour worked in the market sector has now increased for 26 of the past 27 quarters, according to ABS national accounts data released today.
Private sector rates of pay excluding bonuses are growing at 1.9% a year in trend terms, up from the recent historic low of 1.8%, according to the ABS.
Average pay rises in private sector agreements struck in last year's December quarter returned to the recent trend of about 3% a year, according to new Department of Employment data.
The number of industrial disputes hit an 11-year high last year, according to new ABS data released today, but they are nevertheless occurring at less than 15% of the level of 30 years ago.
A reduction in size and frequency of pay rises explains the recent historically-low growth in wage rates, according to new RBA research conducted in collaboration with the ABS.
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