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Focus This Week On RBA Minutes And Q4 Wages Data

AUSTRALIA

The highlights of the week are Tuesday’s RBA minutes and Wednesday’s Q4 wages data.

  • On Tuesday the RBA minutes from the February 6 meeting will be published and given the retention of the tightening bias in the accompanying statement, they will be looked at closely for whether a 25bp hike was discussed as an option. With changes made to how the RBA communicates, the format of the minutes may also be altered.
  • The Q4 wage price index (WPI) prints and is expected to rise 0.9% q/q with the annual rate rising to 4.1% y/y up from 4.0% in Q3. The RBA said in its February meeting statement that it didn’t expect wages growth “to increases much further” and that it “remains consistent with the inflation target” assuming productivity growth improves.
  • Preliminary Judo Bank PMIs for February are released on Thursday and the Westpac leading index for January on Wednesday. They have been pointing to sluggish growth.
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