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Australia's wage growth at record low

Xinhua, August 12, 2015 Adjust font size:

Australian wage growth has dramatically slowed and is at its lowest yearly level since the government began issuing such data 18 years ago.

Official Australian Bureau of Statistics figures released on Wednesday showed private sector wage growth has hit a new record low in the past year.

The figures show wages rose by 0.6 percent in the June quarter, while the annual pace of growth held steady at the record low of 2. 3 percent.

But the figures were in line with economist expectations.

Meanwhile, there is a growing divide between the growth of wages in the private and public sphere, the data showed.

The record-low wage growth still remains above headline inflation, which increased 1.5 percent in the year to June.

Falls in mining investment, below-average economic growth and reduced inflation expectations have contributed to a decline in wages growth, the ABS said. Endi