Sharechat Logo

After-tax wages up 2.5% in year to March

Tuesday 14th June 2011

Text too small?

After-tax wages continue to rise faster than prices, Finance Minister Bill English has said.

The real after-tax average wage rose 2.5% in the year to March 2011, after accounting for all consumer price increases including food prices and the one-off rise in GST last October.

"Everyone's circumstances are different, and we appreciate things remain challenging for many New Zealanders. But it's encouraging to see that, on average, take-home wages continue to rise faster than prices," English told Parliament today.

"In the latest March year, the after-tax average wage grew 7.1% in nominal terms and 2.5% after adjusting for inflation.

"This means that since September 2008, after-tax wages have increased 17% in nominal terms and 10% after adjusting for inflation. That compares to real growth of just 4% over the entire nine years to September 2008."

English said New Zealand's 2.5% increase in inflation-adjusted after-tax wages in the year compares to just 0.6% real growth in Australia.

"This Government is committed to helping New Zealanders get ahead, enjoy higher incomes and lower interest rates for longer," he said.

"This will require continuing change, year after year, to put the economy on a more competitive footing."

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report
Greenfern Industries Limited (NZX: GFI) L&Q Notice
TruScreen Group Limited (NZX: TRU) Clinical Trial Results Highlight Efficacy of TRU Technology
20th October 2021 Morning Report
Freightways Limited (NZX: FRE) Acquisition of ProducePronto