Average earnings surge

The average weekly earnings of Australians in full time work rose by a surprisingly high 4.7 per cent in the 12 months to the end of November. on seasonally adjusted figures.

However the 0.8 per cent rise, that the Bureau of Statistics also reported for the three months to the end of November, suggests that there was some easing in the pace of wage rises, towards the end of last year.

Even so, these relatively strong figures do reflect unexpected strength in the Australian economy.

That may well make the Reserve Bank reluctant, once again, to cut the nation’s marker interest rates when its board meets early next month, to reassess rates.

Although the Bureau has not yet produced State by State figures, for average weekly earnings, it is likely that the resource rich States of Western Australia and Queensland, once again, set the pace in the nation’s pay rises over most of last year.

It is likely, also, that longer hours, as well as higher rates, also contributed to the strong rises in average weekly earnings, reflected in the Bureau’s figures.

They show that, seasonally adjusted, average earnings for Australians, with full time jobs,were $1,388.10 a week, at the end of November.