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Wages grow at lowest level in a year

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Wages growth is at its lowest level in more than a year, according to new data.

The Australian Bureau of Statistics reported the wage price index rose by just 0.5 per cent in the September quarter.

The annual growth now sits at 2.2 per cent, down from the growth at the end of June.

CBA senior economist Gareth Aird tells Ross Greenwood consumer confidence is still below average.

“I think there’s a feeling, and almost a resignation, amongst households that things aren’t going to turn around any time soon and in that environment, you don’t really expect to see much in the way of a material bounce in consumer confidence.

“I think households are right to feel a little bit cautious about how the economy might evolve.”

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Image: Getty/Sean Gladwell