Australia wages rise 0.9% in Q1, just above forecasts
Figures from the Australian Bureau of Statistics on Wednesday showed its wage price index rose 0.9% in the first quarter, just above market forecasts of 0.8%.
Annual pay growth rose to 3.4%, from 3.2%, again topping forecasts of a steady outcome. Growth in the private sector held at 3.3%, while public wage growth jumped back to 3.6%, reversing a sharp decline the previous quarter.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mirror
26 minutes ago
- Daily Mirror
Parents urged to 'take 20 minutes' to apply for £2,000 a year free childcare
Tax-free childcare is an online account where for every £8 you pay in, the Government adds in £2. The money must be spent on childcare costs Parents could be missing out on tax-free childcare worth up to £2,000 a year - and you can use this help during the summer holiday. Tax-free childcare is an online account where for every £8 you pay in, the Government adds in £2. The money must be spent on childcare costs. If you're eligible, you can get up to £500 every three months - so £2,000 a year - for each of your children. For disabled children, the maximum amount is £1,000 every three months (£4,000 a year). You can open a tax-free childcare account for free and the website says it takes around 20 minutes to apply. Your child must be aged 11 or under and usually will need to live with you to claim tax-free childcare. You can keep using your tax-free childcare account until September 1 after their 11th birthday, or if your child is disabled, they may qualify until September 1 after their 16th birthday. You need to be earning at least the minimum wage, for the equivalent of 16 hours a week, to open a tax-free childcare account. You won't be eligible if your adjusted net income is above £100,000. This applies to yourself and your partner, if you're in a couple. If you've been self-employed for less than 12 months, there is no minimum income requirement. There are some circumstances where you can claim tax-free childcare if you're not working. For example, if you're on sick leave, annual leave, on shared parental, maternity, paternity or adoption leave, or if you're in a couple and one of you is working, and the other claims Incapacity Benefit, Severe Disablement Allowance, Carer's Allowance or contribution-based Employment and Support Allowance. The money in your tax-free childcare account must be spent on a registered childcare provider, such as nurseries, nannies, after school clubs and play schemes. But not everyone necessarily needs to pay for childcare in the first place. For example, parents can claim 15 or 30 hours free childcare a week, depending on the age of their child. Working parents of nine-month-olds and two-year-olds can currently access 15 hours of free childcare a week. This will rise to 30 hours from September 2025. You must be in work and earning the equivalent of the national minimum wage or for 16 hours a week, but have an adjusted net income of £100,000 a year. All parents of three and four-year-olds are entitled to 15 hours free childcare a week as standard, regardless of whether they are in work. Working parents with children of these ages can claim the full 30 hours if they meet the earnings criteria. You can claim tax-free childcare on top of the 30 hours free childcare. Finally, if you claim Universal Credit and you're in work, you can claim back up to 85% of childcare costs, up to a maximum of £1,031.88 for one child or £1,768.94 for two or more children.
Leader Live
28 minutes ago
- Leader Live
Regulator finds ‘concerning' evidence of poor handling of insurance claims
The regulator said that, while rising motor insurance premiums are largely driven by external cost pressures, shortcomings persist in how some insurers handle claims. FCA analysis indicated that increases in the cost of motor claims – due to higher prices for cars, parts, labour, energy and more complex cars and supply chains – have contributed to premium increases. The cost of hire vehicles, the number and cost of theft claims and uninsured drivers have also risen significantly. This confirms that increased costs outside of firms' control, rather than firm profit, were the biggest cause of recent premium rises in motor insurance. But the FCA did identify that referral fees from credit hire firms and claims management companies were associated with slower claims processing and increasing costs. Where it has seen poor practice from firms, the regulator said it is addressing it directly with them, including taking action against specific firms where necessary. The regulator said that 'concerning' evidence of poor claims handling practices included a lack of oversight of outsourced services, resulting in poor customer outcomes, delays in settling claims and high complaint volumes. It also found evidence of insufficient management information, resulting in failures to promptly identify and resolve claims handling issues. Cash settlements were also being used in some cases without sufficient consideration of whether they are most suitable, the regulator said. The FCA also highlighted high rejection rates for storm damage claims, saying only 32% of such claims made to a sample of firms in 2024 resulted in a payment. The regulator is also providing evidence for coordinated action from Government, industry, and other regulators, as part of the Government's motor taskforce, to help drive down the cost of motor premiums. This could help limit cost increases but it cannot prevent them, the FCA said. It has also published an interim update of an ongoing premium finance market study investigating whether consumers receive fair value when choosing to pay for insurance in monthly instalments. While premium finance allows customers to spread costs, making them affordable and providing flexibility, the regulator has found some firms earn much more money than it costs to provide the service. It will explore these concerns further in the next phase of the study. The FCA said it will seek to tackle any issues it finds first through the Consumer Duty, publishing a final report by the end of 2025. Sarah Pritchard, deputy chief executive of the FCA, said: 'Insurance provides peace of mind but people must be confident they can get a fair deal and be treated right when the worst happens. 'External cost pressures are primarily to blame for recent motor premium increases, not increased firm profits, but there is some more work to do on claims handling, particularly in home and travel. That's why we're stepping up – making sure claims are handled promptly and fairly and pushing for a coordinated effort to tackle the root causes of rising motor premiums. 'A well-functioning insurance market helps consumers navigate their financial lives and supports growth by building people's resilience to financial and personal shocks.' The FCA also said that evaluation of previous pricing reforms showed they are having the intended impact on the price gap between new and existing customers in both the motor and home markets. This means its reforms were effective in curbing 'price walking' where loyal customers were charged more at renewal, the regulator said. Association of British Insurers (ABI) director general Hannah Gurga said: 'The FCA's findings confirm that record-breaking claims costs are behind recent increases in motor insurance premiums. 'They also demonstrate that many of these cost pressures – such as rising vehicle repair costs, part shortages and increased thefts – stem from issues beyond the industry's direct control, making collaboration essential to find sustainable, long-term solutions. 'Ensuring a smooth and stress-free claims process is crucial for customers when going through what can already be incredibly difficult circumstances. Our members work hard to achieve this, but we will engage with them and the regulator to understand what improvements can be made in the claims handling journey, to ensure good outcomes for customers and to support trust and confidence in the industry.' James Daley, managing director at Fairer Finance, said: 'As things stand, consumers continue to struggle to understand the differences between insurance products.' He added: 'But even if consumers manage to buy a product that meets their needs, they still have no reliable way of knowing whether the insurer will treat them fairly at claims stage. And the FCA's research shows that there is a wide difference in standards at this crucial moment.'
North Wales Chronicle
an hour ago
- North Wales Chronicle
Regulator finds ‘concerning' evidence of poor handling of insurance claims
The regulator said that, while rising motor insurance premiums are largely driven by external cost pressures, shortcomings persist in how some insurers handle claims. FCA analysis indicated that increases in the cost of motor claims – due to higher prices for cars, parts, labour, energy and more complex cars and supply chains – have contributed to premium increases. The cost of hire vehicles, the number and cost of theft claims and uninsured drivers have also risen significantly. This confirms that increased costs outside of firms' control, rather than firm profit, were the biggest cause of recent premium rises in motor insurance. But the FCA did identify that referral fees from credit hire firms and claims management companies were associated with slower claims processing and increasing costs. Where it has seen poor practice from firms, the regulator said it is addressing it directly with them, including taking action against specific firms where necessary. The regulator said that 'concerning' evidence of poor claims handling practices included a lack of oversight of outsourced services, resulting in poor customer outcomes, delays in settling claims and high complaint volumes. It also found evidence of insufficient management information, resulting in failures to promptly identify and resolve claims handling issues. Cash settlements were also being used in some cases without sufficient consideration of whether they are most suitable, the regulator said. The FCA also highlighted high rejection rates for storm damage claims, saying only 32% of such claims made to a sample of firms in 2024 resulted in a payment. The regulator is also providing evidence for coordinated action from Government, industry, and other regulators, as part of the Government's motor taskforce, to help drive down the cost of motor premiums. This could help limit cost increases but it cannot prevent them, the FCA said. It has also published an interim update of an ongoing premium finance market study investigating whether consumers receive fair value when choosing to pay for insurance in monthly instalments. While premium finance allows customers to spread costs, making them affordable and providing flexibility, the regulator has found some firms earn much more money than it costs to provide the service. It will explore these concerns further in the next phase of the study. The FCA said it will seek to tackle any issues it finds first through the Consumer Duty, publishing a final report by the end of 2025. Sarah Pritchard, deputy chief executive of the FCA, said: 'Insurance provides peace of mind but people must be confident they can get a fair deal and be treated right when the worst happens. 'External cost pressures are primarily to blame for recent motor premium increases, not increased firm profits, but there is some more work to do on claims handling, particularly in home and travel. That's why we're stepping up – making sure claims are handled promptly and fairly and pushing for a coordinated effort to tackle the root causes of rising motor premiums. 'A well-functioning insurance market helps consumers navigate their financial lives and supports growth by building people's resilience to financial and personal shocks.' The FCA also said that evaluation of previous pricing reforms showed they are having the intended impact on the price gap between new and existing customers in both the motor and home markets. This means its reforms were effective in curbing 'price walking' where loyal customers were charged more at renewal, the regulator said.
