Wages on the rise

Good news for the economy and a strong indicator of how things are doing is wages growth.

The latest wages figures were released by the ABS and while wages growth is not setting the world on fire, they are definitely heading in the right direction and increasing.
ABS chief economist Bruce Hockman said “There was a higher rate of wage growth recorded across the majority of industries in comparison to this time last year, reflecting the influence of improved labour market conditions,”

“Annual wage growth at the Australia level was 2.3%, the highest growth rate since September quarter 2015.”

Wage growth is one of the catalysts in getting the property market moving again. With wages growing and people earning more money, there will be excess that people need to invest. People have a choice of asset classes but generally sticking to property or shares. Most people are either one or the other so money will be soon flowing back into the property market.