Pay growth in Australia fell to 2.9% during the 12 months ending in September – down from 4.1% in the 12 months to August, according to a Melbourne Institute survey.
And respondents expect pay growth to rise by an even lower 2.1% over the next 12 months, the survey revealed.
“Similar outcomes for total pay and hourly wage rates suggest that labour market conditions remain soft,” Melbourne Institute research fellow Dr Edda Claus said.
“Overtime and penalty rates were only a minor source of pay rises over the past 12 months. This is consistent with the rise in under-employment over this past down-turn,” Claus added.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.