Earnings saw the weakest increase since 1997, undermining the Coalition’s economic message
Australia’s weakest growth in wages for nearly 20 years has reinforced the prospect that the Reserve Bank will be forced to cut interest rates at least once more in 2016.
Private sector wage rates rose by just 1.9% over the year to March, the Australian Bureau of Statistics said on Wednesday. When public sector wage increases are included, the overall figure was growth of 2% – the slowest since the data series began in 1997.
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