- PolicyPolicy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: - G10 MarketsG10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts - Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- CommoditiesCommodities
Real-time insight of oil & gas markets
- Data
- MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
- About Us
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI BRIEF: Aussie Wages Stronger at 3.7% Y/Y
The seasonally adjusted wage price index rose 0.8% over the March quarter and 3.7% over the year, up from 3.6% recorded over Q4 2022 and beating expectations of a 3.6% rise, according to Australian Bureau of Statistics data released today.
Private sector wages increased 0.8% and the public sector gained 0.9%. “While the public sector recorded higher quarterly growth, the much larger size of the private sector meant it was the main driver of Australian wage growth,” the ABS stated. “Jobs covered by individual arrangement accounted for just over half of the recorded wage growth in March quarter 2023. A similar proportion of jobs covered by individual arrangements had a wage increase compared to the same quarter last year. However, there was higher growth for this group of jobs due to higher average wage increases, reflecting current labour market conditions.”
Following the RBA's May decision to hike rates 25bp to 3.85%, Governor Philip Lowe stressed the Reserve would protect employment gains as it fights inflation (see: MNI: RBA Inflation Strategy to Protect Labour Gains). The May minutes release Tuesday showed the board’s renewed determination to fight inflation and its focus on wages and employment as key inputs into its decision making (see: MNI: RBA Determined to Bring Inflation Down - May Minutes).
To read the full story
Sign up now for free access to this content.
Please enter your details below and select your areas of interest.
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.