Wages up 5.1% and Bracket Creep continues unheralded
June quarter Average Weekly Earnings were released today. the main index figure for Ordinary Time Male Earnings was $868.50 per week which is up 5.1% on a year ago. Over the last 101 years Australian Wages have increased by 5.4%pa or 1.4%pa ahead of price inflation.
On average annual wages of $45,162 you will pay $17,803 in tax (39.4%) on current scales. Ten years ago a person on average annual earnings $30,581 would have paid $7,098 in tax (23.2%). This is called "bracket creep". The government doesn't increase dollar tax brackets in line with wages so people pay a higher percentage in tax as inflation rocks along.
Posted Thursday, 15 August 2002
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