The cost of living is one of the battlefronts for this federal election but price pressures appear to be far from voters' minds.
Consumer inflationary expectations have fallen to the bottom half of the Reserve Bank of Australia's (RBA) two to three per cent target band, as wages growth remains subdued.
The Melbourne Institute's August survey shows consumers expect the inflation rate to be 2.3 per cent in a year's time, down 0.3 percentage points from July.
Expectations fell despite the recent cut in official interest rates and the depreciation of the Australian dollar - both of which would normally be seen to stimulate the economy and prices.
It signals consumers expect weak to moderate economic activity in the coming months, institute research fellow Viet Nguyen said.
Meanwhile, the wage price index expanded by an annual rate of 2.9 per cent in the June quarter, which was the slowest pace in three-and-a-half years.
Opposition Leader Tony Abbott said only a strong economy could deliver higher wages.
"That's what you won't get from a government that is constantly clobbering the economy with extra taxes. That's no way to boost people's pay," he told reporters in Launceston, Tasmania, on Thursday.
Commonwealth Securities economist Savanth Sebastian said wages growth was unlikely to concern the RBA in the coming year, given changes in the economy were likely to keep a lid on hiring.
But another official interest rate cut before the September 7 election appeared unlikely.
"How the economy - particularly the labour market - reacts to the post-election environment will be the key determinant for monetary policy," Mr Sebastian said.
The average annual wage now stands at $73,887.
The highest average wage, of $126,022, can be found in the mining sector.
At the other end of the scale, retail workers get an average $53,144.
Meanwhile, the political squabble over election policy costings is rumbling, with Assistant Treasurer David Bradbury saying it's time for the coalition to outline any budget cut plans.
"These are not going to be surgical, measured, targeted cuts," he told Sky News.
"This is going to be something that resembles the Texas Chainsaw Massacre."
Shadow treasurer Joe Hockey said the coalition's costings were still being finalised by the Parliamentary Budget Office.
"If the whole election is going to be about costings, rather than about policies ... then I think everyone is going to bore the Australian people to death, and we don't want to do that," Mr Hockey said.
