Predicts the inflation of hourly rates of pay, between two financial years.
wage_inflator(wage = 1, from_fy, to_fy, useABSConnection = FALSE,
allow.projection = TRUE, forecast.series = c("mean", "upper", "lower",
"custom"), forecast.level = 95, wage.series = NULL)The amount to be inflated (1 by default).
A character vector of the form "2012-13" representing the FY ending that the wage index is to be taken (i.e. Q4 in that year). FY year must be 1996-97 or later.
The FY ending that the wage index is to be taken.
Should the function connect with ABS.Stat via an SDMX connection? If FALSE (the default), a pre-prepared index table is used. This is much faster and more reliable (in terms of errors), though of course relies on the package maintainer to keep the tables up-to-date. The internal data was updated on 2017-08-16.
If set to TRUE the forecast package is used to project forward, if required.
Whether to use the forecast mean, or the upper or lower boundaries of the prediction intervals. A fourth option custom allows manual forecasts to be set.
The prediction interval to be used if forecast.series is upper or lower.
If forecast.series = 'custom', how future years should be inflated.
The future wage series can be provided in two ways:
(1) a single value, to be the assumed rate of wage inflation in years beyond the known series, or
(2) a data.table with two variables, fy_year and r. If (2),
the variable fy_year must be a vector of all financial years after the last financial year in the (known) wage series and the latest to_fy inclusive.
The variable r consists of rates of wage growth assumed in each fy_year.
# Wage inflation wage_inflator(from_fy = "2013-14", to_fy = "2014-15")
# Custom wage inflation wage_inflator(from_fy = "2016-17", to_fy = "2017-18", forecast.series = "custom", wage.series = 0.05)
The wage inflation between the two years.