Aussies experience 3.8 per cent wage increase

Wednesday 18 May 2011

Article by Mozo

The overall increase in wages in Australia over the last year was 3.8 per cent, new data reveals, which may mean some have more cash to store in term deposits.

Aussies experience 3.8 per cent wage increase

Figures from the Australian Bureau of Statistics showed that the greatest increases were in the mining areas of the Northern Territory, reports the Herald Sun.

Ben Dinte, associate economist for financial services provider Macquarie Group, suggested that there could be a faster rise in wages later in the year.

This may mean that term deposits customers have more funds to save in their accounts.

According to the expert, the recent data is "softer" than the Reserve Bank of Australia expected, which he suggested may make it harder for the financial institution to justify an increase in interest rates next month.

Last week, director of fixed-interest with RBA Morgans Steven Wright told thebull.com.au that investors could get better returns by putting their cash into longer term deposits.

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