Wages are on the rise down under

Aussies' wages continue to increase, but at a slower rate than in previous years.

A lot of people have been forced to take tighter control of their bank accounts in recent times, as the cost of living has accelerated.

New figures released by the Australian Bureau of Statistics have shown that rates of pay in Australia grew by 0.9 per cent in the first quarter of 2012 when compared with the fourth quarter of 2011.

Unsurprisingly, the booming mining sector led the way, with salaries going up by 2.2 per cent.

Overall, employees received 3.6 per cent more in their pay packets in the first three months of the year than they did in the corresponding period in 2011.

Although this appears to be good news on the face of it, increases in the hourly rate of pay were slower than they were in the previous 12 months.

However, the latest figures may be enough to convince the Reserve Bank of Australia that further interest rate cuts are not required just yet.

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