How does your pay compare to the average?
Most New Zealanders aren't getting pay increases that keep up with the rate of inflation, new Stats NZ data shows.
New Zealanders are struggling to keep up with the rising cost of living, as wages have not been increasing at the same rate as inflation. According to data from Stats NZ, average hourly earnings were $44.62 in June, up 2 percent over the year. However, this is still less than the 4.1 percent annual inflation rate. Private sector wages grew by 2 percent, while public sector wages increased by 1.7 percent.
The sectors with the largest wage increases included wood and paper products manufacturing (3 percent), mining, local government administration, arts and recreation services, and other services (2.5 percent). Transport, postal and warehousing, financial and insurance services, and administrative and support services saw a 2.3 percent increase.
Retail trade and accommodation had a 1.8 percent rise, construction wages grew by 1.6 percent, and electricity, gas, water, and waste services increased by 1.2 percent. Experts warn that rising inflation, driven in part by conflicts abroad, is eroding consumers' purchasing power and contributing to persistent financial stress.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
