Australian wages grew at their slowest pace on record in the second quarter, underscoring the damage the coronavirus has done to household spending via Swatisays
FILE PHOTO: A sanitation worker walks across a street with bins in Sydney, Australia, September 4, 2017, as Australian Bureau of Statistics figures released on Monday showed Australian companies doled out the biggest increase in wages and salaries in two years last quarter. REUTERS/Steven Saphore
Annual wage growth slowed to 1.8%, well below the levels that used to be considered standard for the country.The data marked the first full period that captured the impact of COVID-19-driven social and business restrictions, said Andrew Tomadini, head of price statistics at the ABS. “The fall in private sector wages is mainly due to a number of large wage reductions across senior executive and higher paid jobs,” Tomadini noted.
A measure of business confidence, released on Tuesday, also showed a hit from the situation in Victoria.
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