Hoping for a payrise? There could be a long wait ahead

READY for a pay rise? We have some bad news.

Australians are waiting longer than ever before to be given a little more in their pay packet, according to data from the Australian Bureau of Statistics.

Four years ago, the average worker was given a pay rise every 12 months.

Now it's closer to 21 months, which is the longest on record.

If that's not enough, when the payrise does finally come through, the average worker is being given a smaller increase than in the past.

Where workers were once able to expect a pay rise of about 3.6% in 2012. It's now down to 2.3% for most of us.
One comfort is that the situation is the same everywhere.

No industry has a wage growth of more than 2.5%.

The mining industry, once the source of massive pay checks, had the lowest wage rises across Australia in the September quarter - just 0.1%.

Reserve Bank research economist James Bishop said the slowdown of pay rises "has been one of the most important developments in the Australian economy".


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