Post by mistermiser on Nov 17, 2011 0:55:29 GMT -5
WAGE growth has slowed to a crawl, confounding doomsayers who have warned of a wages breakout emanating from mining and giving the Reserve Bank more room to cut interest rates.
The September quarter wage cost index from the Bureau of Statistics shows wages grew lowest in the mining industry, climbing only 0.5 per cent in the quarter after climbing 1.4, 1.2 and 0.9 per cent in previous quarters. The heat has come out of mining sector wages as commodity prices have begun to fall. In the past three months iron ore prices have fallen 34 per cent, coking coal 21 per cent and copper 14 per cent.
Read more: www.smh.com.au/business/mining-wage-growth-eases-20111116-1nj6d.html#ixzz1dwGcQEiD
The September quarter wage cost index from the Bureau of Statistics shows wages grew lowest in the mining industry, climbing only 0.5 per cent in the quarter after climbing 1.4, 1.2 and 0.9 per cent in previous quarters. The heat has come out of mining sector wages as commodity prices have begun to fall. In the past three months iron ore prices have fallen 34 per cent, coking coal 21 per cent and copper 14 per cent.
Read more: www.smh.com.au/business/mining-wage-growth-eases-20111116-1nj6d.html#ixzz1dwGcQEiD