fe45a3b1_lian_Broadcasting_Corporation___Definition
[Term] Wage price index [Definition] 
Measures the change in wage levels paid to employees. Important to the budget because higher wage growth across the economy means faster growth in income tax revenue, which can be magnified by bracket creep – individual income taxes (which includes non-wage related capital gains tax) make up around 46 per cent of federal government revenue. Higher economy-wide wage growth may also mean larger rises in public service pay, but the income tax boost to the Government far outweighs this cost.
Budget 2014: Tony Abbott opens door to 'horse-trading' with minor parties in Senate to pass key measures - Federal Budget 2014 - ABC News (Australian Broadcasting Corporation)
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