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Growth in total pay over the 12 months to November 2008 slowed to 4.0 per cent, down from a growth of 4.9 per cent in the 12 months to August 2008, the Melbourne Institute’s Wages report released yesterday has revealed.
According to the institute, workers also expected only a modest 2.9 per cent growth in their pay for the next 12 months, which is slightly lower than what they expected in August 2008.
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These modest wage expectations are consistent with a moderation in employment growth and an expected fall in domestic inflations, Michael Chua, a research fellow at the Melbourne Institute said.
Published: 18-11-08
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