MNI BRIEF: Aussie Q3 Wages Print At 0.8% Q/Q, 3.5% Y/Y
MNI (SYDNEY) - The Australian Wage Price Index for Q3 printed at 0.8% q/q, or 3.5% y/y, 10 basis points lower than expected, according to Australian Bureau of Statistics data published on Wednesday.
The Reserve Bank of Australia in its most recent forecasts expects the WPI at 3.4% by Q4. (See MNI RBA WATCH: Governor Maintains Hawkish Language, Cash Rate)
“Wage rises for many jobs can be directly or indirectly linked to the outcomes of the Fair Work Commission Annual Wage Review decision,” said Michelle Marquardt, head of prices statistics at the ABS, pointing to the 3.75% increase paid from July 1, lower than the September quarter 2023 increase of 5.75%. “It was also lower than the Commission’s September quarter 2022 awarded increase of between 4.6% and 5.2%,” she added.