Member Login
Economics update | 24 February 2023
24 Feb 2023
WPI grows 0.8 per cent for December quarter 2022
The wage price index (WPI) rose 0.8 per cent for the December quarter 2022 and 3.3 per cent annually. Whilst a drop from the 1.1 per cent recorded in the September quarter, this contributed to the highest annual growth since December 2012.
Higher wages growth was seen in all industries in the December quarter, notably in accommodation and food services (1.7 per cent), manufacturing (1.3 per cent), transport, postal and warehousing (1.2 per cent), and wholesale trade (1.1 per cent). This contributed to all industries recording an annual growth of 3 per cent or above, with the exception of public administration and safety (2.5 per cent annualised).
Private sector wages (up 3.6 per cent annually) continue its recent trend in outpacing public sector wages (up 2.5 per cent annually). With the labour and skills shortages ongoing, it is forecasted that wages growth will continue throughout 2023.
Read ACCI’s media release here.
Unemployment up to 3.7 per cent
The unemployment rate rose to 3.7 per cent in January 2023. This followed a historic period in the labour market where the unemployment rate reached 3.4 per cent in October 2022 before remaining at 3.5 per cent in November and December.
Employment dropped 11,500 for the month and was the second consecutive decline following strong growth throughout 2022. The participation rate decreased to 66.5 per cent, which was attributed to a 0.1 per cent drop in female participation, as male participation remained at 71 per cent.
Monthly hours worked also fell, dropping 2.1 per cent. ABS head of labour statistics Bjorn Jarvis attributed this to the January holiday period, with a higher than usual number of people taking annual leave.
Related Posts
Workplace Relations
26/07/2024
Modern Awards – Casual Employment Term Last week, the Fair Work Commission President, Justice Hatcher, made a statement announcing proceedings on the Commission’s own initiative to determine...
Workplace Relations
19/07/2024
Modern Awards Review The Fair Work Commission published its report on the Modern Awards Review 2023-24 yesterday, along with a statement from Fair Work Commission President, Justice Adam Hatcher,...
Small Business
19/07/2024
Small Business Survey The Small Business Committee met this week, and members received a briefing on the results of the Small Business Survey ahead of...
Trade
19/07/2024
There is still time to join the next ACCI Trade Policy Committee on 1 August, at 2:00 pm AEST, featuring special guest speaker George Mina. ...
Tourism
19/07/2024
Sustainable Aviation Fuel submission Australian Chamber - Tourism made a submission to the government's consultation on low-carbon liquid fuels this week. The submission outlines the...
Employment & Skills
19/07/2024
Apprenticeship Incentives Review The 'What We Heard' summary paper from the Strategic Review of the Australian Apprenticeship Incentive System was released this week. The critical...
Economics
19/07/2024
Unemployment rate slightly up Labour force statistics released this week highlight that the unemployment rate increased slightly from 4 per cent in May to 4.1 per cent...
Workplace Relations
12/07/2024
Right to Disconnect The President of the Fair Work Commission, Justice Adam Hatcher, has published a statement and the draft modern award term for the...
Trade and International Affairs
12/07/2024
ACCI Trade Committee Meeting The next ACCI Trade Policy Committee will feature special guest speaker George Mina, followed by a short Q&A session. George is...
Data, Digital and Cyber
12/07/2024
Upcoming forum meeting The Data, Digital & Cyber (DDC) Forum will hold a meeting on Wednesday 17th July from 10:30am to 12pm AEST. Please contact Ross Creelman for more information.
Small Business
12/07/2024
Upcoming committee meeting The next meeting of the Small Business Committee will be held online on Friday, 19 July from 10:30 am-11:30 AEST. The meeting...
Work, Health and Safety
12/07/2024
Minister for Employment and Workplace Relations Tony Burke has endorsed ACCI's nomination of Jennifer Low, director of health, safety, resilience, and digital policy, to the...
Economics
12/07/2024
Productivity Commission report on economic mobility The Productivity Commission report on economic mobility released this week shows that, on average, Australia’s long-term economic growth has led...
Employment and Skills
12/07/2024
New NCVER data release: Government-funded students and courses 2023 According to the recent National Centre for Vocational Education Research (NCVER) release, an estimated 7.1 per cent...
Trade and International
5/07/2024
ACCI Trade Committee Meeting Join us at the next ACCI Trade Committee on Thursday, 1 August, at 2:00 pm AEST. This meeting will feature a...
Small Business
5/07/2024
Payment times reforms pass Amendments to the Payment Times Reporting Act 2020 passed Parliament this week. The amendments implement recommendations made through the Statutory Review conducted by Dr Craig...
Work, Health & Safety
5/07/2024
Engineered stone ban is now in effect The prohibition on the manufacture, supply, processing and installation of engineered stone benchtops, panels and slabs commenced on...
Energy
5/07/2024
Nature Positive Bill introduced The Nature Positive Bill was introduced to Parliament this week. This Bill establishes a new Environment Protection Agency (EPA) responsible for...
Economics
5/07/2024
Future Made in Australia The Future Made in Australia Bill 2024 and Future Made in Australia (Omnibus Amendments No. 1) Bill 2024 was tabled in...
Workplace Relations
5/07/2024
Changes from 1 July From 1 July (last Monday) a series of changes have taken place in the workplace relations system. Employers must be aware...