Wage growth in Australia slowed to 3.2 per cent over the past year, after recording the slowest quarterly wage growth since March 2022.
Data released today by the Australian Bureau of Statistics show quarterly wages growth of 0.7 per cent in the December quarter, down from 0.9 per cent in the September quarter.
The slowdown in wages matches the Reserve Bank of Australia’s (RBA) forecasts.
The RBA’s latest forecasts, published on Tuesday, had the annual pace of growth in the Wage Price Index (WPI) slowing to 3.2 per cent in December.
The wages data comes a day after the RBA cut interest rates for the first time in more than four years.
The RBA cut the cash rate target by 0.25 basis points on Tuesday, from 4.35 per cent to 4.1 per cent, saying it was confident that inflation had slowed down enough to warrant a small rate cut.
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