Posted: 19 October, 2016
Got A Pay Rise Lately? Consider Yourself Lucky!
RBA data proves rises are smaller... and rarer!
Pic credit: Getty Images
It's official... pay rises are really, really, REALLY, average these days!
Data from the Reserve Bank has revealed wage increases are becoming rarer, and smaller.
In the past year, more than a third of Aussie workers have recieved an increase of just 2% or less, while 5% of us have actually copped a pay cut.
How often the pay reviews are happening is also stretching out, with only 22% of workers having one in the previous 3 months.
On top of that, the data has revealed that although unemployment rates are down from a peak 6.3% (in mid-2015), the number of people who are working fewer hours is now at 8.7% of the workforce, which is the highest it's been in 38 years of Australian history.