Annual wage growth Australia 2000-2023

Between December 2022 and December 2023, wages in Australia grew by around 4.2 percent. Wage growth in recent years has been relatively low in comparison to previous years, in particular in December 2020, which only saw a wage growth of 1.3%.

Inflation and CPI outstripping wages

While wages have increased in Australia, they have still not matched the rate of inflation, which was sitting at 4.1 percent at the end of 2023, down from a high of 7.8 percent at the end of the previous year. The high cost of goods has also put pressure on the public, with the Consumer Price Index standing at around 136 points, compared to a base year of 2011-12.

Rent is on the rise

As with many around the world, Australians are also feeling the costs of rent increases. The majority of people in Australia perceive that the cost of rent has risen significantly in their local area. This in turn has seen the government expenditure on rental assistance continue to be high, with around 4.7 billion Australian dollars spent to assist the Australian public in maintaining their housing needs.