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Private sector wage growth the lowest on record

Australian private sector wages have grown at the slowest pace on record in the three months to September.

In seasonally adjusted terms, private sector wages grew at 0.5 per cent for the September quarter or 2.1 per cent over the year, the slowest rate of growth since the Australian Bureau of Statistics started the wage price index survey in 1998.

Public sector wages grew at a marginally faster rate of 2.7 over the year.

Overall, Australian wages grew at 2.3 per cent for the year which is the equal lowest rate of growth recorded.

Workers in the accommodations and food services sector enjoyed the strongest wage rise over the quarter, up 1.6 per cent, while wages in financial and insurance services rose only 0.2 per cent

Source: ABC News

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