Australia's wage price index gained a seasonally adjusted 0.4 percent on quarter in the third quarter of 2016, the Australian Bureau of Statistics said on Wednesday.
That missed forecasts for an increase of 0.5 percent, which would have been unchanged from the three months prior.
On a yearly basis, wages were up 1.9 percent – also missing forecasts for 2.0 percent and down from 2.1 percent in Q2.
Private sector wages grew 0.4 percent and public sector wages grew 0.6 percent in the third quarter. Through the year private sector wages continue to grow at a slower pace than the public sector, 1.9 percent compared to 2.3 percent.
The accommodation and food services industry saw the highest quarterly rise of 1.7 percent in Q3 and the mining industry had the lowest quarterly rise of 0.1 percent.
Through the year, wage growth is now below 2.5 percent for all industries. In the third quarter, wage growth ranged from 1.0 percent for mining to 2.4 percent for health care and social assistance.
Also on Wednesday:
• The total number of new motor vehicle sales in Australia was down a seasonally adjusted 2.4 percent on month in October, the ABS, coming in at 97,940.
That follows the 2.5 percent monthly increase and the 0.8 percent yearly gain in September.
Individually, sales for passenger vehicles and other vehicles fell 0.7 percent and 0.1 percent on month, respectively. Sales for sports utility vehicles climbed 1.4 percent.
The largest upward movement across all states and territories was in Tasmania (2.9 percent), continuing an upward trend which commenced in May 2016.
The largest downward movement across all states and territories was in the Northern Territory (-1.5 percent).
• A leading index for Australia says the economy is on a path of slow growth, the latest survey from Westpac Bank said – rising 0.06 percent on month in October.
That follows the upwardly revised 0.08 percent increase in September (originally 0.06 percent).
The reading in October is the third straight positive showing following 15 consecutive months of growth below trend.
The bank said an improvement in terms of trade was a key driver in the data.
by RTT Staff Writer
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