Date: 25 July 2018
Source: The New Daily
The cost of consumer goods and services has increased 2.1 per cent in the past year, exactly at the same rate as wages have risen, new figures Australian Bureau of Statistics reveal.
That means real wages are not rising at all, meaning Australia’s long spell of wage stagnation looks set to continue.
The cost of transport, health, alcohol and tobacco skyrocketed in the 12 months to June, the ABS consumer price index revealed on Wednesday.
The cost of housing was also well above wages, at 3.1 per cent.
However, the cost of food, clothing and financial services all grew at a much slower rate than wages, meaning they got cheaper in real terms for the average household.
A standout improvement was the cost of “communication”, which fell by a massive 4.2 per cent.