New data reveals the Australian jobs in which workers received the biggest wage jumps in 2023. The Wage Price Index measures changes in the prices of labour, unaffected by compositional shifts in the labour force, hours worked or employee characteristics. The new data was updated on Wednesday to include information from December last year. The WPI rose by 4.2 per cent in 2023, with 0.9 per cent of that increase in the last quarter of the year.
6 per cent and financial and insurance services had an average increase in pay of 3.2 per cent. Cost of living crisis continues This wages growth outpaces inflation for the first time in three years, but experts say there is more to the story. “It tells us next to nothing about what’s happening to buying power,” Australian National University economist Peter Crawford said. In September 1998, the way the Consumer Price Index was calculated changed.
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