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ANZ write "wage growth was marginally.....>
AUSTRALIA: ANZ write "wage growth was marginally lower than expected in Q4,
leaving the annual growth rate steady at 2.3% y/y. The softer number suggests
that the pass through from the earlier minimum wage rise wasn't as large as
expected. Looking at wages including bonuses, annual growth was steady at 2.7%
(improving at the second decimal place). Our diffusion index, which measures the
proportion of industries with rising wage growth, was steady at its highest
level since 2011. The slightly disappointing WPI headline number won't be enough
to change the RBA's outlook for the labour market. With labour force
underutilisation falling, wage growth is still expected to improve, gradually.
For the RBA to shift its tone from neutral to negative would require a sustained
deterioration in labour market indicators."
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