Labor Compensation: Wage Rate: All Activities: Hourly for Australia
LCWRTT01AUQ661N • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
121.53
Year-over-Year Change
9.80%
Date Range
7/1/1976 - 7/1/2023
Summary
The 'Labor Compensation: Wage Rate: All Activities: Hourly for Australia' series measures the average hourly wage rate for all economic activities in Australia. This metric is a key indicator of labor market conditions and cost pressures within the Australian economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This wage rate series provides a broad measure of hourly compensation across the Australian labor market. It is used by economists and policymakers to analyze trends in labor costs, productivity, and overall economic competitiveness.
Methodology
The data is collected through surveys of Australian businesses and aggregated by the Australian Bureau of Statistics.
Historical Context
Wage rate trends are closely monitored by the Reserve Bank of Australia and factored into monetary policy decisions.
Key Facts
- The series dates back to 1978.
- Wage growth has averaged 3.1% annually over the past decade.
- Australia has one of the highest minimum wages among OECD countries.
FAQs
Q: What does this economic trend measure?
A: This series measures the average hourly wage rate across all economic activities in Australia. It provides a broad indicator of labor compensation levels in the country.
Q: Why is this trend relevant for users or analysts?
A: Wage rate trends are closely watched by economists, businesses, and policymakers as a gauge of labor market conditions, cost pressures, and overall economic competitiveness.
Q: How is this data collected or calculated?
A: The data is collected through business surveys by the Australian Bureau of Statistics.
Q: How is this trend used in economic policy?
A: The Reserve Bank of Australia monitors wage rate trends as an input to its monetary policy decisions, as labor costs can impact inflation and economic growth.
Q: Are there update delays or limitations?
A: The wage rate data is published quarterly with a lag of approximately one month.
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Citation
U.S. Federal Reserve, Labor Compensation: Wage Rate: All Activities: Hourly for Australia (LCWRTT01AUQ661N), retrieved from FRED.