Wages in private sector agreements approved in the September quarter remained stuck at 2.9% a year, defying labour shortages and inflationary pressure, according to DEWR data.
Target has paid workers a $400 lump sum bonus after they voted up a proposed four-year deal to replace its 2012 "zombie" agreement, with conditions, wages and pay rises to be tightly pinned to the retail award.
Enterprise agreements filed with the FWC in the fortnight to November 18 paid average annualised wage increases of 3.4%, substantially outpacing the 2.8% rises in DEWR's data for June quarter agreements but well below consumer price inflation of about 7%.
As inflation continues to rise at about 7%, annual wage increases have dropped to just 2.2% in the latest fortnightly batch of "real-time" enterprise deals analysed by the FWC, due to health and welfare agreements paying an average of 2.1% a year.
Enterprise agreements filed with the FWC in the fortnight to October 21 paid average annualised wage increases of 3.5%, substantially outpacing the 2.8% rises in DEWR's data for June quarter agreements but well below the 7.3% rate of consumer price inflation.
Agreements lodged with the FWC in the fortnight to September 9 delivered annual rises of just 2.4% – the lowest in the short history of the Commission's "real-time" bargained wage data – after education deals effectively paying 1.7% a year to more than 10,000 workers dragged down the average increase.
Private sector agreements approved by the FWC in the June quarter paid average annualised wage increases of 2.9%, lifting growth to the fastest pace in two years, but remaining at less than half of the CPI.
The FWC's new leading indicator of bargained wage rises - officially launched today - shows that deals lodged in the first half of last month paid an average increase of 3%, up on those in the most recent DEWR data.
MEAA members have accepted a new enterprise agreement covering journalists at Nine's publishing operations, which delivers pay rises of 7.5% over two years and ends unpaid internships as part of a broader push to improve newsroom diversity.
Teleworking, retraining and enhanced collective bargaining could lift pay growth that has been constrained by Australia's relatively "monopsonistic" labour market that gives a few dominant employers the upper hand in wage-setting, according to the OECD.