MNI BOE WATCH: MPC To Cut, Doubts Over Fast Easing

MNI China Daily Summary: Tuesday, November 5

MNI: UK OCT FINAL SRVCS PMI 52.0 (FLASH 51.8); SEP 52.4

MNI BRIEF: China NPC Press Conference Set For Nov 8

MNI BRIEF: China Warehousing Index Down In October

MNI: PBOC Net Drains CNY364.5 Bln via OMO Tuesday

MNI: FRANCE SEP INDUSTRIAL PRODUCTION -0.9% M/M, -0.6% Y/Y

MNI: SWISS OCT UNEMPLOYMENT +2.8% M/M, +24.5% Y/Y

RBA BOARD REPEATS "NOT RULING ANYTHING IN OR OUT"

EUROPEAN FISCAL: DE 2025 Budget Gap Grows; Political Risk Is Rising

CANADA: Politics Week: Trudeau Facing More Internal Dissent And Departures

CANADA: Politics Week: Trudeau Faces More Pressure To Resign

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

MNI BRIEF: Aussie Minimum Wage Lift Sparks RBA Rate Concerns

(MNI) Sydney

The Fair Work Commission has raised Australia’s minimum wage by 5.75%, lifting the pay of 0.7% of the country’s workforce and potentially affecting about 20.5% of all Australian employees via the award system, a move that could impact the Reserve Bank of Australia’s upcoming June 6 interest rate decision.

The Commission’s increase was below the last quarterly CPI print at 7% and April's monthly reading of 6.8% (see: MNI BRIEF: Aussie Monthly CPI Tracks Higher at 6.8%), and fell short of the Australian Council of Trade Unions 7% target.

In Wednesday's Senate Economics Legislation Committee meeting, RBA Governor Philip Lowe noted wage growth without corresponding rises in productivity would "be problematic" (see: MNI BRIEF: Rates Contractionary, Will Remain High - RBA's Lowe).

The RBA has forecasted the Wage Price Index to peak at 4%, while the Treasury in its recent Federal Budget assumed a 6.9% increase to the minimum wage and a 4% increase across award workers.

Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsCentral Bank NewsAPACAustraliaBriefStoryRBARegion
Daniel covers the Reserve Bank of Australia and the Reserve Bank of New Zealand and leads the Asia-Pacific team.
Policy NewsCentral Bank NewsAPACAustraliaBriefStoryRBARegion

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.