In the March 2024 quarter, Australian wage growth eased slightly to 4.1%, down from 4.2% in the December 2023 quarter, according to the Australian Bureau of Statistics. At the time, this minor dip signalled a potential turning point in the wage growth cycle.
The Reserve Bank of Australia, in its May 2024 Statement on Monetary Policy, suggested that wage growth had likely peaked. It projected a gradual slowdown to 3.8% by the end of 2024 and 3.4% by the end of 2025. These forecasts have largely held steady into mid-2025.
What Happened Next?
Now, more than a year on, we can see the early signs of that moderation playing out. The RBA’s commentary in 2024 pointed to diverging wage trends: individual agreements began to level out, while enterprise agreements, slower to adjust, continued to climb.
At the same time, labour market conditions remained stronger than initially expected. Rather than a sharp rise in unemployment, most of the adjustment occurred through reduced job vacancies and shorter average working hours.
Why It Still Matters
For individuals and business owners in June 2025, this isn’t just economic hindsight. Understanding when wage pressure peaked and how it has settled can provide valuable context for financial planning, particularly if you’re managing variable income or are self-employed.
A more stable wage environment may improve your borrowing position, as lenders assess both personal income trends and broader market conditions. If you’re reviewing your finances ahead of FY25/26, this is a good time to consider how a personal loan could help consolidate debts, fund large purchases, or smooth irregular cash flow.
A Strategic Moment to Secure Funding
The Federal Budget’s extension of the instant asset write-off until 30 June 2025 gives eligible business owners a final opportunity to claim tax benefits on qualifying purchases. But with the deadline fast approaching, time is limited.
If you’re planning to use a personal loan to finance a business-use vehicle, equipment, or other eligible purchases, it’s essential to act now to ensure those assets are purchased and installed by EOFY.
At Peel Finance Brokers, we help people in WA secure the right personal loan for their situation. Whether you need fast funds for a strategic upgrade or want to reduce financial pressure heading into the new financial year, we can help you find a flexible solution. Contact us today to explore your personal loan options before 30 June 2025.
Dip. of Management (Deacon University)
Dip. of Finance/Mortgage Broking Mgt.
Assoc. Cert. of Business (Real Estate)
Assoc. of Mort. Ind. Assoc. of Aust. (AMIAA)
Terry Boag is the founder and CEO of Peel Finance Brokers and has been providing professional and loyal service to the Mandurah and southwest area for 25 years. With a long history of financial experience, Terry is reliable and dedicated to his clients, always ensuring the highest customer service and delivering strong lender relationships.