New data released by the ABS today shows that real wages have now grown for five consecutive quarters under the Albanese Labor Government.
Inflation is down, real wages are up again, unemployment is low and now interest rates are coming down as well.
Under Labor, real wages have grown for five quarters in a row. Under the previous Liberal government, real wages fell for the five quarters leading up to the election.
More Australians are working, earning more and keeping more of what they earn under Labor.
The Wage Price Index grew 0.7 per cent in the quarter, to be 3.2 per cent higher through the year.
Real wages grew by 0.5 per cent in the quarter and 0.8 per cent through the year to the December quarter 2024.
While this is welcome news, we know that Australians are still under pressure.
That's why on top of getting real wages moving, the Government is rolling out responsible cost-of-living relief, including a tax cut for every taxpayer, energy bill relief for every household, cheaper medicines, cheaper child care and lower student debt.
When we came to office, inflation was higher and rising, interest rates were rising and wages were stagnating.
Now inflation is lower and falling, interest rates have fallen and wages growth is up.
The combination of moderating inflation, wage and employment growth, our tax cuts for every taxpayer and lower interest rates will support real disposable incomes continuing to grow.
Meanwhile, Peter Dutton and the Liberals want higher interest rates and lower wages.
Wage growth stagnated under the Liberals, and real incomes and wages were going badly backwards at the last election.
They voted against every one of our workplace law reforms, which have delivered higher wages, and now they are promising to cut pay by scrapping those reforms.
Since we've come to Government average annualised nominal wages have been growing at 3.7 per cent, much higher than the 2.2 per cent under our predecessors.
While wage growth has moderated in today's data, it remains stronger than at any point during the former Government.
More than 1.1 million jobs have been created since the election, a record for a Parliamentary term and stronger employment growth than any major advanced economy.
Around 4 out of 5 of those have been created in the private sector. Today's data is further evidence that there is no sign of a wage-price spiral in our economy.
The Government's policies are driving strong and sustainable wage growth for workers.
We're acting to boost wages and close the gender pay gap - delivering workplace relations reforms and securing pay rises for some of the lowest-paid workers in our community.
Our support for the lowest paid workers means minimum wage earners are now earning $143.30 per week more than when we came to government.
The Government's clear and ambitious agenda to boost productivity growth through competition reforms, plans to modernise markets and investments in skills and human capital will help deliver strong and sustainable wages growth over the medium term.
Australians would have been thousands of dollars worse off if Peter Dutton has his way on wages, tax cuts and energy bill relief alone, and they will be worse off still if he wins the election.
