Buying power down
Wellington reporter The buying power of the average pay packet dropped 6.6 per cent in the year ended September, according to the Statistics Department Its figures show that while actual weekly wage rates rose 8.7 per cent they trailed well behind prices and so did not deliver an increase in real terms. Also, the index does not take into account changes in taxation which means that some workers may have been harder hit than the 6.6 per cent drop implies.' The wage increase flowed from the 1984-1985 compressed award round which gave an 8.8 per cent movement in the private sector and among local authorities and 8.5 per cent in the public sector.
It does not reflect any of the benefits of this year’s round, now weighing in at between 16 and 19 per cent. These will not begin to show in the index until the December quarter.
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Press, 13 December 1985, Page 4
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151Buying power down Press, 13 December 1985, Page 4
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