Report reveals which Australians are most likely to escape wage freezes
MISSED out on a pay rise this year? You’re not the only one. A report has revealed which of us are most likely to escape the wage freezes affecting thousands.
At Work
Don't miss out on the headlines from At Work. Followed categories will be added to My News.
THE bigger your pay packet the more likely you are to escape the wage freeze hurting the finances of thousands of Australian households.
That’s one finding of a survey which today is reporting just 36 per of workers had a pay increase over the past 12 months.
Some 52 per cent were stuck on their old rates, according to the Essential Media poll. The remaining 12 per cent had not been in the same job for that period.
The lucky ones appear to be workers on $2000 or more a week, the survey found.
Some 46 per cent of these well-paid employees had raises over the 12 months, while just 25 per cent of those on less than $1000 a week were not as fortunate.
Wage stagnation has been identified as a significant problem for the economy by the Reserve Bank and the Federal Government.
Retailers are struggling to boost sales to consumers who simply don’t have the money to spend.
Prime Minister Malcolm Turnbull today promised higher wages but put the emphasis on what he said was the creation of 500,000 jobs over the past two years.
“So more jobs, better jobs, higher wages, stronger growth,” he said on Triple M Coffs Harbour.
However, many Australians are already finding the wage freeze tough going.
The polling also found more than 60 per cent of people had financial concerns.
Some 43 per cent said they could cover household bills but struggled with other expenses, and 20 per cent said they were under financial pressure.
While wages were largely stationary, the inflation rate jumped 1.9 per cent, as measured by the Consumer Price Index for the 12 months to the end of the June quarter.
That meant families didn’t have the extra income to cover a 2.1 per cent increase in transport costs or a 3.3 per cent increase in education costs.
But it helps if your job is permanent.
Essential Media found 43 per cent of full-time workers had a pay rise over the past 12 months but just 34 per cent of part-time workers did not.
And the older the worker the lower the chances of a raise.
Pay went up for 47 per cent of workers aged 18-34, for 32 per cent of those aged 35-54, and just 19 per cent of those 55 and older.
Originally published as Report reveals which Australians are most likely to escape wage freezes
Tech giant’s return-to-office demand
Internal memos show some staff have been told they need to come into the office or risk losing their jobs.
Albo rips into Coalition public service cuts
Anthony Albanese has attacked the Coalition plan to cut 41,000 public servants in Canberra, saying it will affect roles in key areas like Defence and national security.