New data released today by the Australian Bureau of Statistics shows annual real wages continue to grow under the Albanese Labor Government.
The Wage Price Index rose 0.8 per cent in the June quarter, to be 4.1 per cent higher through the year.
Annual real wages grew 0.3 per cent through the year to the June quarter 2024. Under Labor, annual real wages have been growing for three consecutive quarters. At the time of the election, annual real wage growth was going backwards by 3.4 per cent.
This return to sustainable wages growth under a Labor Government is welcome, but we know people are still under pressure.
That’s why we’re focused on tackling inflation and delivering responsible cost of living relief, including our tax cuts to every taxpayer which have been rolling out since July 1.
Today’s result means that for the first time in 15 years, wages growth has hit ‘four for four’, with annual nominal wages growing by at least 4 per cent for four consecutive quarters.
In stark contrast, in the nine years the Coalition was in government there was not one single quarter when annual nominal wages grew above 4 per cent.
The Liberals want people working longer for less, which is why wages growth stagnated on their watch and why the Government inherited falling real wages growth when we came to office.
Under Labor, more people are working and earning more and since July 1, they have been keeping more of what they earn.
Since the Government was elected, wages have been growing at an annualised rate of 3.8 per cent – almost double the 2.2 per cent average recorded under our predecessors.
Almost one million jobs have been created on our watch – a record number of jobs created in a Parliamentary term.
We know that Australians are still doing it tough with the cost of living still too high.
The Government’s primary focus remains tackling the inflation challenge while rolling out responsible cost of living relief, and these policies are helping to deliver strong and sustainable real wage growth for workers.
ABS data shows that the Government’s cost of living relief across energy rebates, cheaper child care and rent assistance took half a percentage point off inflation in the year to the June quarter 2024.
We’re acting to boost wages and close the gender pay gap, securing pay rises for some of the lowest‑paid workers in our community, including an extra 15 per cent announced last week for early childhood educators, building on pay rises for aged care workers.
These pay increases back vulnerable workers in our care sector, who are overwhelmingly women, help to mitigate workforce shortages and will improve access to early education and care.
The wage increase for early childhood educators will be tied to a commitment from child care centres to limit fee increases, making sure educators can be fairly paid without the costs being passed on to families.
Our advocacy for the low‑paid to the Fair Work Commission’s Annual Wage Review has seen three consecutive increases to minimum wages. 5.2 per cent in 2022, 8.6 per cent in 2023 and 3.75 per cent in 2024.
In dollar terms, it means from July 1, full‑time minimum wage workers are earning $143 more than when we came to office.
Our priority is to help ease cost of living pressures through strong and sustainable real wage growth and rolling out a tax cut for every taxpayer and energy bill relief for every household.