Aussie wages continue to grow at a snail's pace

Aussie wages continue to grow at a snail's pace

The Australian Bureau of Statistics (ABS) has released the latest Wage Price Index figures for the June 2018 quarter, showing a low increase of 0.6 percentage points for the seasonally adjusted index.

The trend and seasonally adjusted indexes for Australia both rose 2.1 percentage points through the year to the June 2018 quarter.

Across Australia, Western Australia and the Northern Territory both recorded the lowest wage growth through the year to the June 2018 quarter (1.5 percentage points), while Victoria and Tasmania both recorded the highest growth at 2.5 percentage points.

In terms of industry, the largest rise in wage index figures within the June 2018 quarter occurred in wholesale trade (1.1 percentage points). Through the year to the June 2018 quarter, wage growth ranged from 1.3 percentage points for the mining industry to 2.7 percentage points for the health care and social assistance industry.

In a statement released today, ABS Chief Economist Bruce Hockman said that “wage growth in Australia has grown at an annual rate of 2.1 per cent, continuing to stabilise between 2.0 and 2.1 per cent over the past four quarters.” 

“Annual growth across industries is varied with diverse wage pressure across the labour market,” said Mr Hockman. 

CPI Inflation through the year to the June 2018 quarter also increased by 2.1 percentage points, mirroring the Wage Price Index for this same period. 

Why is wage growth still so stagnant? 

In the August Statement on Monetary Policy released last week, the Reserve Bank of Australia noted that high levels of unemployment could be to blame.

“The Australian economy remains on track to achieve lower unemployment and higher inflation over time. 

“The unemployment rate is therefore forecast to decline, reaching around 5 per cent by end 2020. 

“As the labour market tightens, wages growth can be expected to pick up gradually from current low rates.”

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How do you open a bank account under 18?

If you’re under 18 and you want to open an Australian bank account, you will need your passport or birth certificate. (Some lenders might require just a Medicare card or driver’s licence.) You can apply online or at a branch. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

What do I need to open a company bank account?

To open a company bank account, you will probably have to provide 100 points of ID, an ABN and an ACN. You will probably have to provide the details of all signatories as well.

How do you deposit change into your bank account?

One way to deposit change into your bank account is to visit a branch. Many lenders will also allow you to deposit your change through one of their ATMs.

Can I find my bank account number online?

Yes, you can find your bank account number by logging into your online banking and clicking on the relevant account.

Can I start a bank account online?

Yes, most lenders that operate in Australia will let you set up a bank account online. The process is usually simple and takes five to 10 minutes. You will probably need to provide a passport or birth certificate, as well as a driver’s licence, Medicare card or another form of secondary identification. Requirements differ from lender to lender, so some institutions might ask for more or different forms of ID.

Can I have a PayPal account without a bank account?

You don’t need a bank account to send or receive money through PayPal. However, you do need a bank account if you want to withdraw money from your PayPal account.

Can you open a bank account at 16?

Yes, you can open a bank account at 16, or even younger. If you’re 13 or under, you will probably need a parent to accompany you to a branch.

How can I deposit cash into my bank account?

The traditional way to deposit cash into your bank account is to go to a branch and give it to a teller. These days, many banks will allow you to make deposits through an ATM as well.

How do you transfer money from PayPal to a bank account?

Transferring money from PayPal to an Australian bank account is simple. Just follow these three steps:

  • Go to your Wallet
  • Click ‘Transfer Money’
  • Follow the instructions

The money will take three to seven business days to reach your bank account.

Once you’ve made the transfer request, it can’t be withdrawn.

Can foreigners open bank accounts in Australia?

Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.

Can you get a payday loan without a bank account?

Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.

How can you cash a cheque without a bank account?

You can cash a cheque without a bank account if you visit the bank that issued the cheque. For example, if somebody sends you a cheque from Bank X (as written on the cheque) and you visit Bank X, it’s likely that Bank X will let you cash the cheque – provided the person who wrote the cheque has enough money in their account. Bank X would probably charge you a fee for the service.

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

Which bank is best for business accounts?

Unfortunately, there’s no definitive answer to the question of which bank is best for business accounts. That’s because ‘best’ will differ from customer to customer, depending on their unique circumstances. These include not only your company’s financial position, but also its size, its age and the sector in which it operates. Another factor to consider is what features you want in a bank account. Your business may require different features than another business; and your business may require different features tomorrow than it does today.

The best thing to do is to thoroughly research the market before opening a business account. And when you do open an account, you should reassess your options every year or two, because the market moves quickly. A particular bank might offer the best account today, but be surpassed by one or several rivals tomorrow.