March salaries reach new peak

In March, total wages and salaries paid by employers in Australia reached a seasonal high of $99.5 billion, up 2.1% from the previous month, amounting to an additional $2.1bn, fresh ABS figures show.

“Total wages and salaries were $99.5bn in March 2024, up 7.1% from $92.9bn in March 2023,” Jarvis said in a media release. “This annual growth rate reflects the combined effects of changes over the year in underlying wage growth, hours worked, periodic payments like bonuses, and employment growth seen in other ABS labour statistics.”

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