Wage rises of 3.7% face inflation pressure

Enterprise bargaining workers in Australia have received pay rises of approximately 3.7% for the ninth consecutive quarter, benefiting around 2.7 million workers including nurses, teachers, retail and manufacturing employees. While this increase exceeds inflation rates at the time of implementation, experts warn that expected inflation reaching 5% by mid-year will quickly erode these wage gains. Financial advisers recommend avoiding lifestyle creep and setting aside extra income to prepare for tightening budgets later in the year.See omnystudio.com/listener for privacy information.