Wages slow but prices low: Hockey

Wages growth might have slowed, Treasurer Joe Hockey says, but other factors are helping the family budget.

Treasurer Joe Hockey has conceded wages aren't growing as fast as he would have hoped.

But low inflation, petrol prices and interest rates are flowing through to family budgets, he told reporters in Canberra on Thursday.

Official figures on Wednesday showed annual wage growth has slowed to its lowest level in at least 18 years to 2.3 per cent, below the 2.5 per cent forecast for 2014/15 in Tuesday's budget.