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MNI BRIEF: Aussie Wages Grow 0.9% Q/Q

(MNI) Melbourne

Australian wages grew 0.9% q/q over Q4 2023 in line with expectations, and 4.2% y/y, up 10bp over estimates, according to the Australian Bureau of Statistics.

“For both the public and private sector, wages growth was driven by organisation-wide annual wage and salary reviews,” noted Michelle Marquardt, head of prices statistics at the ABS, noting Q4 growth saw a higher contribution from jobs covered by enterprise agreements than typical.

“Higher growth in the public sector was primarily due to newly implemented enterprise agreements for essential workers in the Health care and social assistance and Education and training industries following changes to state-based wages policies.”

The RBA wants to see wage growth soften to reflect weaker productivity growth. (See MNI: RBA To Hold Rates Despite Soft Data - Ex Staff)

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

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