Bank desk views on today's Australian.....>

AUSTRALIA: Bank desk views on today's Australian wage data:

- ANZ: Our diffusion index, which shows the percentage of industries where wages

are accelerating, is at its highest level since 2010. Further inroads into

unemployment and underemployment are necessary preconditions for a more

meaningful uplift in wages. We think we'll get there, but it will take time.

Until we do the RBA will continue talking about the prospect of higher interest

rates but won't actually pull the trigger on a rate increase.

- Westpac: There was no sign of any impact from the lift in the minimum wage in

either the private or public sectors. True, the increase this year at 3.5% was

only marginally larger than the lift in 2017 of 3.3% but it is hard to fathom

that in two years we have now seen no impact from the larger than average

increase in the minimum wages on aggregate wage inflation. Worth noting,

however, was the stronger growth in total wages plus bonuses.