WAGE increases across Australia appear to have tapered but miners still remain among the highest paid employees in Australia, the latest ABS data has revealed.
According to the newest Wage Price Index, total hourly rates of pay excluding bonuses in the mining sector have risen by .25% in the last quarter (in original terms) to $119.80 in September, making mining the highest paid industry in the private sector.
The electricity, gas, water and waste industry, which experienced a higher growth rate of 1.3%, also averages an hourly pay rate of $119.80.
Overall, however, this September quarter marks the smallest increase in wages for 13 years.
In seasonally adjusted terms, wage growth has eased for a fifth consecutive quarter, showing an increase of just .5% for all sectors – the smallest percentage increase since the global financial crisis.
This is despite a rise of 2.6% on the minimum wage.
Over the year, the private sector has continued to outperform the public sector with rises of 2.7% and 2.6% respectively, but is a substantial drop from all-sector growth of 3.7% in September 2012.
AAP economist Garry Shilson-Josling said low growth on wages coincides with Australia’s unemployment rate, which the ABS recently announced has risen to 5.7%.
“Figures from the bureau last week showed the trend in employment is downward and most measures of job vacancies are at very low ebbs,” he said.
“A weak labour market means less upward pressure on wages.”
For more information about the Wage Price Index, click here.