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MNI BRIEF: RBA On Track for 25bp As Wage Rises Hit Decade High

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(MNI) Perth
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The Reserve Bank of Australia appears set to deliver another 25bp hike at its December meeting as yearly wage growth rose to a 10-year high, finally hitting the level identified by policymakers as consistent with its 2-3% inflation target.

RBA officials have repeatedly nominated 3-4% nominal wage growth as consistent with the Bank's 2-3% inflation target, with the September quarter Wage Price Index rising 1% q/q and 3.1% y/y in the September quarter, according to Australian Bureau of Statistics data released on Tuesday. The quickening of wage growth reflected an increase in award wages of between 4.6% and 5.2%. (See MNI Insight: RBA Still Wants Wages Growth, Just Not Too Much)

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The Reserve Bank of Australia appears set to deliver another 25bp hike at its December meeting as yearly wage growth rose to a 10-year high, finally hitting the level identified by policymakers as consistent with its 2-3% inflation target.

RBA officials have repeatedly nominated 3-4% nominal wage growth as consistent with the Bank's 2-3% inflation target, with the September quarter Wage Price Index rising 1% q/q and 3.1% y/y in the September quarter, according to Australian Bureau of Statistics data released on Tuesday. The quickening of wage growth reflected an increase in award wages of between 4.6% and 5.2%. (See MNI Insight: RBA Still Wants Wages Growth, Just Not Too Much)

Keep reading...Show less