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.
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.
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Published: 18-11-08
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