Australian wages growing faster but gap with inflation widens to record level

December quarter wage index rose to 3.3%, but 7.8% inflation indicates a 4.5% decrease in real wages

Australian salaries increased at a faster pace in the December quarter in a tight labour market, but not enough to prevent the gap with inflation widening to a record level.

The wage price index for the final three months of 2022 came in a 3.3%, an increase on the 3.1% pace in the September quarter and the highest since the end of 2012. Economists had forecast a 3.5% increase.