By James Glynn
SYDNEY--A big fall in Australian real wages over the last two years looks like it is ending with advertised wage increases outstripping inflation in December.
Advertised salaries rose by 0.3% month-on-month in December, the same growth rate as October and November, according to employment portal SEEK. Advertised salaries grew by 4.5% in the year to December, the same as the year to November.
"Finally, advertised salaries are rising faster than prices once again. After a long period of declining real wages," said SEEK senior economist Matt Cowgill.
The SEEK ASI is now rising in real terms again, with 4.5% advertised salary growth outpacing inflation at 4.3%, he added.
Falling real wages has heaped pressure on household budgets which have also had to deal with rising costs for basic needs and a record jump in mortgage interest rates.
The fall in real wages has contributed to a drop in consumer confidence to recession-like lows.
The SEEK advertised salary index measures the growth in advertised salaries for jobs posted on SEEK in Australia.
Write to James Glynn at James.Glynn@wsj.com
(END) Dow Jones Newswires
01-22-24 1825ET
