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

AUSTRALIA: Bank desk views on today's labour market data:

- ANZ: While a number of labour market indicators have eased a touch, the

general message they are sending is still one of ongoing job gains & a gradual

move lower in the unemployment rate. We don't think the employment report has

any implications for the RBA, other than reinforcing the Bank's bullish outlook.

- Barclays: Overall, the underlying trends in the labour market appear to be

strong, with part-time jobs incrementally being converted into full-time

positions. The underlying trend growth in job ads continues to cool, but

still-elevated levels of job vacancies should continue to support employment

growth going forward.

- Westpac: The recent fall in unemployment & tightening in labour market

conditions via firms reporting labour is getting harder to find, suggests we

should be looking for a pick-up in wage inflation. The recent repeat of an

outsized increase in the minimum wage for 17/18 boost wages did little to boost

aggregate wages in Q3. Wages are starting to drift higher, the 2.3%yr pace is

the fastest in three years, but they are hardly setting the world on fire.