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Salaries nudge up just 1.3% over the year to September 2010



5-Nov-2010

Average earnings continue to increase slowly after stalling earlier in the year, however the year-on-year increase is the slowest for over 15 years.

NZ average hourly earnings to September 2010

Statistics New Zealand's Quarterly Employment Survey shows a slight increase in total average weekly earnings (including overtime and benefits) over the last three months, making a yearly gain of just 1.3% - the lowest annual increase in average total hourly earnings since the June 1994 year.

Average weekly earnings were up to $972.69 from $965.28 three months earlier.

Salaries are likely to struggle to keep up with inflation over the next reporting period as GST increased to 15% in October, however income tax cuts which also came into effect in October give all workers a boost in take-home pay to compensate.

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