Annual Wages Growth in Australia Reaches 2.3 Percent, Still Below Inflation

People wear a face mask as they shop at George the Fishgonger shop at the Queen Victoria Market in Melbourne, Australia, on Dec. 24, 2021. Diego Fedele/Getty Images

The tightening labour market in Australia has put upward pressure on wages, but is still behind the current inflation rate.

Australian Bureau of Statistics (ABS) has revealed that wages grew 2.3 percent over the past year after it accelerated to 0.7 percent in the December 2021 quarter.