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

MNI (PERTH)
(MNI) Perth
True

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