CEOs Sound Alarm Over Wage Growth Concerns

Wage growth in Australia has been averaging around 3.2% annually, according to economists. However, CEOs of major companies seem to have a different perspective on the matter.

The Reserve Bank of Australia's expectations for wage growth appear to be met with many big companies and employers expressing concerns about the impact of rising wages on their profits.

During this year's full-year reporting season, several major Australian companies have highlighted the pressure they're facing from increasing labor costs. To mitigate this issue, some companies are exploring automation as a means to boost productivity and offset higher wages.