Real wage growth has fallen into negative territory and stalled at an all-time low, figures to be released on Wednesday are expected to show, as workers receive pay rises that have failed to keep up with the cost of living.

The dire forecast from Australia's banks could delay an interest rate rise from the Reserve Bank and create a headache for the Turnbull government as it bets on a doubling in wage growth to help bring it back into surplus by 2021.

Consumers will also be hit with higher prices, analysts have predicted, as energy and raw material costs build up in shops while wages remain stubbornly low.

The median forecast of more than 20 banks surveyed by Bloomberg is for annual wage growth to hit 1.9 per cent when the Australian Bureau of Statistics releases figures for the first three months of this year.