New South Wales Experiences Highest Wages Growth In 4 Years

New South Wales Experiences Highest Wages Growth In 4 Years

New South Wales Treasurer Dominic Perrottet

New South Wales Wages Growth Highest In 4 Years

Victor P Taffa

New South Wales has experienced its biggest lift in annual wages growth in 4 years according to the latest data from the ABS released today.

New South Wales Wage Price Index  (WPI) rose 1.2 % in the September quarter to be 2.4 % higher through the year.

More than 70 % of New South Wales industries have seen wages growth accelerate over the past year.

New South Wales Treasurer Dominic Perrottet said today’s data was encouraging news for people that wages were beginning to increase after a substantial period of stagnant growth.

“Wages growth has been subdued not just in New South Wales but right around the world, so today’s result is heartening for wage earners across the state.” Treasurer Perrottet said.

“State’s unemployment rate is currently at a decade low of 4.4 % and that is one of the factors behind the positive news on wages today.”

Among the highlights, workers in the health care and social assistance industry in New South Wales saw their wages grow by 3.0 % followed by education and training at 2.7 %.

Wages in the public sector have increased by 2.6 % over the past 12 months with the private sector recording 2.2 % growth.

Treasurer Perrottet said the Government’s reforms such as cutting payroll tax and slashing red tape was having a positive benefit to businesses across the state.

“Liberals and Nationals will always deliver better outcomes for the people of New South Wales, our Government promotes innovation and growth, unlike Labor who just want to slash projects and destroy jobs.” Treasurer Perrottet said.