Australia's unemployment rate set to remain steady at 4.1 per cent
Listed salaries have increased by 3.6 per cent for the year to May, according to a report by online job site Seek. The site's advertised salary index showed growth in pay rates for new positions has remained steady over the past year. But monthly growth in May was just 0.2 per cent, the smallest one-month increase since October. Seek senior economist Blair Chapman said the increase in wages advertised was a welcome rise. "The growth in average advertised salaries is currently outpacing living costs, which is good news for those switching employers as they are likely gaining a real wage increase," he said. "This means they can purchase more goods and services or save some of their additional earnings."
Treasurer Jim Chalmers said reducing unemployment levels had also been accompanied by a decrease in inflation. "No major advanced economy has combined unemployment in the low 4s with inflation under 2.5 and three years of continuous growth," he said in an address at the National Press Club on Wednesday. "We know this welcome progress in the national aggregate data doesn't always translate into how people are feeling and faring in local communities. But real wages are growing again." Chalmers has flagged potential tax reform during his second term in the role, which will be examined at a productivity summit to be held in Canberra in August. "This is all about testing the country's reform appetite. "I am prepared to do my bit, the government is prepared to do its bit, and what we'll find out in the course of the next few months is whether everyone is prepared to do their bit as well."
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