New South Wales has experienced its biggest lift in annual wages growth in four years according to the latest data from the ABS released today.
The NSW Wage Price Index (WPI) rose 1.2 per cent in the September quarter to be 2.4 per cent higher through the year.
More than 70 per cent of NSW industries have seen wages growth accelerate over the past year.
NSW 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 NSW but right around the world, so today’s result is heartening for wage earners across the state,” Mr Perrottet said.
“The State’s unemployment rate is currently at a decade low of 4.4 per cent 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 NSW saw their wages grow by 3.0 per cent followed by education and training at 2.7 per cent.
Wages in the public sector have increased by 2.6 per cent over the past 12 months with the private sector recording 2.2 per cent growth.
Mr 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.
“The Liberals and Nationals will always deliver better outcomes for the people of NSW, our Government promotes innovation and growth, unlike Labor who just want to slash projects and destroy jobs.”
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