Australian Bureau of Statistics
6351.0.55.001 - Wage Price Index: Concepts, Sources and Methods, 2012
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 28/11/2012
|Page tools: Print Page Print All RSS Search this Product|
CHAPTER 2 – PURPOSES AND USES OF THE WAGE PRICE INDEX
USES OF THE WAGE PRICE INDEX
2.6 The primary use of the WPI is as a deflator in the preparation of the National Accounts. This use is described in more detail in Chapter 13.
2.7 The WPI informs wages policy in Australia and is considered by Fair Work Australia when determining award wages.
2.8 The WPI is also used to monitor inflationary pressure in the economy and determine macro economic performance. For example, the WPI is one of the sources used by the Reserve Bank of Australia when reviewing monetary policy.
2.9 The WPI may also be used in indexation arrangements in business contracts, where the WPI may account for inflation of the wage component of costs. For more information on using price indexes in contracts, refer to Use of Price Indexes in Contracts which is available on the ABS website.
This page last updated 27 November 2012
Unless otherwise noted, content on this website is licensed under a Creative Commons Attribution 2.5 Australia Licence together with any terms, conditions and exclusions as set out in the website Copyright notice. For permission to do anything beyond the scope of this licence and copyright terms contact us.