Wages and salaries fall in April: ABS
There was less in employee paypackets last month, new figures show
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Monthly wages in Australia have fallen over the past month, data from the Australian Bureau of Statistics shows.
The figures released today reveal total wages and salaries paid to employees across Australia fell by 1.7 percent, or $1.6 billion during April.
Western Australia saw the largest decline, with a drop of -3.7 percent over the month, which is a result of the high number of mining industry employees and cyclical bonuses in March. The next greatest fall was in NSW, where wages and salaries declined by -1.8 percent, followed by Tasmania (-1.6 percent) and Victoria (-1.5 percent).
Across industries, mining recorded the biggest fall, down -13.8 percent, followed by the rental, hiring and real estate services sector (-5 percent), the financial and insurance services sector (-4.9 percent) and information media and telecommunications (-4.7 percent). Other industries fared better, with wages and salaries growth in accommodation and food services, up 2.1 percent, while transport, postal and warehousing and healthcare and social assistance industries both up by 1.1 percent.
In signs that medium sized businesses are starting to tighten their belts, those working for businesses between 20 and 199 employees saw a -2.4 percent drop in wages, the largest fall by employment size.
In annual terms, wages have increased nationally by 9.3 percent. Western Australian employees saw the greatest growth, with their paypackets increasing by 11.6 percent, followed by Queensland (10.3 percent) and NSW (9.5 percent).
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
MoU for ongoing collaboration to develop specific sectors through joint
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The Qatar Financial Centre Authority (QFCA), the legal and tax arm of the Qatar Financial Centre (QFC), and the Canada Arab Business Council (CABC), a not-for-profit association dedicated to promoting trade and investment between Canada and the Arab world, have signed a Memorandum of Understanding (MoU). This agreement aims to establish a framework for ongoing collaboration to develop specific sectors through joint initiatives, knowledge sharing, and strategic support.
Under the MoU, QFC and CABC will collaborate on initiatives to foster innovation and growth within QFC’s targeted sectors, such as financial services and professional business services. They will also work to facilitate business opportunities between Qatar and Canada.
Additionally, the two parties will exchange insights on innovation trends, product developments, and regulatory updates in their respective jurisdictions, fostering mutual learning and growth. They will actively promote each other’s programs and activities at their respective events and platforms, enhancing visibility and highlighting investment opportunities in the Qatari and Canadian markets.
Commenting on the partnership, Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, said: “We are excited about this collaboration, which aligns with our mission to facilitate economic cooperation with key markets across the globe and commitment to fostering growth within QFC’s priority sectors. By joining forces with CABC, we aim to expand our outreach and create valuable opportunities for businesses in Qatar.”
Commenting on the partnership, Dr. Mohamad Sawwaf, Chair of the Canada Arab Business Council, shared his perspective: “This strategic alliance between the Canada Arab Business Council and the Qatar Financial Centre marks a significant milestone in fostering economic collaboration and innovation between Canada and Qatar. By leveraging our combined strengths, we are poised to drive sectoral development, enhance knowledge sharing, and create valuable business opportunities that will benefit both regions. We are enthusiastic about the potential this partnership holds and are committed to supporting the growth and success of our member organizations through this collaboration.”
This strategic alliance establishes a foundation for leveraging the strengths of QFC and CABC to advance their shared interests in promoting innovation, supporting business growth, and strengthening economic ties between Qatar and Canada.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
