“Prices have grown a total of about 20% since the beginning of 2021, and wages have gone up 17% on average during that span,” he said. Meaning, even if wages are outpacing price increases now, go back several years, consumers are still playing catch-up to inflation.

The latest figures on the labour market come just a week after the Bank of England cut interest rates for the second time this year.

Australia’s wage growth slowed in the third quarter, reflecting an easing in price pressures across the economy and reinforcing expectations that the next move in interest rates will be down. The Wage Price Index advanced an annual 3.5% in the three ...

Australia’s wage growth slowed in the third quarter, reflecting an easing in price pressures across the economy and reinforcing expectations that the next move in interest rates will be down.

UK wage growth fell in the three months to September, buoying hopes of another interest rate cut from the Bank of England. According to the latest data from the Office for National Statistics (ONS), average earnings eased back to 4.8%, down from 4.9% in the previous three months.

Wages growth in Australia slows to 3.5 per cent over the past year, according to official data, still outpacing inflation to result in modest real wage increases.

Public sector wages rose by more than the private sector for the first time since December 2020. READ MORE: One in three retail workers considering quitting ahead of holiday rush.