Instruments · Labour · Spread
Wages minus CPI
-0.7 ppWPI minus CPI, 2026 Q2
Private-sector-relevant WPI less headline CPI, as a spread.
Caveat
WPI is the price of labour for a fixed job mix. Headline CPI carries volatile items. Trimmed mean would be the RBA comparison; this uses the ABS prints already on the dashboard.
Series on this card
WPI − CPI
| Period | Value | Status |
|---|---|---|
| 2020 Q3 | 0.75 | derived |
| 2020 Q4 | 0.43 | derived |
| 2021 Q1 | 0.43 | derived |
| 2021 Q2 | -2.01 | derived |
| 2021 Q3 | -0.9 | derived |
| 2021 Q4 | -1.08 | derived |
| 2022 Q1 | -2.71 | derived |
| 2022 Q2 | -3.61 | derived |
| 2022 Q3 | -4.15 | derived |
| 2022 Q4 | -4.56 | derived |
| 2023 Q1 | -3.31 | derived |
| 2023 Q2 | -2.33 | derived |
| 2023 Q3 | -1.31 | derived |
| 2023 Q4 | 0.25 | derived |
| 2024 Q1 | 0.38 | derived |
| 2024 Q2 | 0.29 | derived |
| 2024 Q3 | 0.75 | derived |
| 2024 Q4 | 0.79 | derived |
| 2025 Q1 | 1.1 | derived |
| 2025 Q2 | 1.3 | derived |
| 2025 Q3 | 0.08 | derived |
| 2025 Q4 | -0.23 | derived |
| 2026 Q1 | -0.89 | derived |
| 2026 Q2 | -0.74 | derived |
Sources
- Australian Bureau of Statistics — Wage Price Index
- Australian Bureau of Statistics — CPI