Wages and salaries fall in April: ABS
There was less in employee paypackets last month, new figures show
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Monthly wages in Australia have fallen over the past month, data from the Australian Bureau of Statistics shows.
The figures released today reveal total wages and salaries paid to employees across Australia fell by 1.7 percent, or $1.6 billion during April.
Western Australia saw the largest decline, with a drop of -3.7 percent over the month, which is a result of the high number of mining industry employees and cyclical bonuses in March. The next greatest fall was in NSW, where wages and salaries declined by -1.8 percent, followed by Tasmania (-1.6 percent) and Victoria (-1.5 percent).
Across industries, mining recorded the biggest fall, down -13.8 percent, followed by the rental, hiring and real estate services sector (-5 percent), the financial and insurance services sector (-4.9 percent) and information media and telecommunications (-4.7 percent). Other industries fared better, with wages and salaries growth in accommodation and food services, up 2.1 percent, while transport, postal and warehousing and healthcare and social assistance industries both up by 1.1 percent.
In signs that medium sized businesses are starting to tighten their belts, those working for businesses between 20 and 199 employees saw a -2.4 percent drop in wages, the largest fall by employment size.
In annual terms, wages have increased nationally by 9.3 percent. Western Australian employees saw the greatest growth, with their paypackets increasing by 11.6 percent, followed by Queensland (10.3 percent) and NSW (9.5 percent).
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More than one fifth of Australians are cutting back on the number of people they socialise with
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Australian social circles are shrinking as more people look for ways to keep a lid on spending, a new survey has found.
New research from Finder found more than one fifth of respondents had dropped a friend or reduced their social circle because they were unable to afford the same levels of social activity. The survey questioned 1,041 people about how increasing concerns about affordability were affecting their social lives. The results showed 6 percent had cut ties with a friend, 16 percent were going out with fewer people and 26 percent were going to fewer events.
Expensive events such as hens’ parties and weddings were among the activities people were looking to avoid, indicating younger people were those most feeling the brunt of cost of living pressures. According to Canstar, the average cost of a wedding in NSW was between $37,108 to $41,245 and marginally lower in Victoria at $36, 358 to $37,430.
But not all age groups are curbing their social circle. While the survey found that 10 percent of Gen Z respondents had cut off a friend, only 2 percent of Baby Boomers had done similar.
Money expert at Finder, Rebecca Pike, said many had no choice but to prioritise necessities like bills over discretionary activities.
“Unfortunately, for some, social activities have become a luxury they can no longer afford,” she said.
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