Pay rises in private sector agreements approved in the June quarter reached 3% for the first time in 18 months, despite the effects of the coronavirus pandemic, according to Attorney-General's Department data bedevilled by an inability to quantify increases for 76,000 workers.
Private sector pay rates excluding bonuses increased by 0.1% seasonally adjusted and 0.5% in original terms in the September quarter, according to the ABS.
A UK proposal to cap wages at £100,000 ($180,000) to finance low- and middle-income-earners' increases is not the best way to redistribute incomes and lift living standards, according to the Centre for Future Work, which says that targeting soaring corporate profits is "more powerful".
Today's Federal Government economic and fiscal update forecasts record low wages growth of 1.25% in 2020-21 due to the recession induced by the COVID-19 pandemic.
Large numbers of retail employees covered by agreements approved in the second half of last year face wage freezes if employers succeed in their campaign for a coronavirus-driven pause in minimum pay rises such as that adopted during the GFC, new Attorney-General's Department data on bargained wage rises reveals.
As some employers suggest that FWC's minimum wage panel might need to freeze or cut minimum pay due to the coronavirus crisis, the UK has lifted its wage floor to 60% of the median.
Workers' wages will continue to grow at about 2.2%, similar to the current WPI, partly because the forthcoming 0.5 percentage point rise in compulsory super payments will be mostly funded by forgone pay rises, according to the RBA.
Annual growth in private sector rates of pay excluding bonuses has hit a four-year high for the second successive quarter, rising 2.4% to March, according to ABS data released today.
Queensland employers will have to pay a substantially higher base salary for newly-hired HR and IR managers, according to a remuneration survey released today.
Average wage increases in private sector agreements approved in the September quarter have reached 3% a year for the first time since 2016, according to Jobs Department data released today.
