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MNI (London)
By Lachlan Colquhoun
     SYDNEY (MNI) - Australian Wage growth higher for the quarter, flat for the
year, increasing 0.6% Q/Q compared with a 0.5% increase in the first quarter. In
yearly terms, growth was unchanged at 2.3%, data released by the Australian
Bureau of Statistics showed.
     Other points of interest from the data:
     RBA watching closely 
     Wages growth remains a key to the Reserve Bank of Australia's monetary
policy, and the Bank will have found little in today's result to change its
dovish outlook. Wages need to rise and unemployment to fall for the RBA to
change its outlook. In testimony to a Parliamentary committee last week, RBA
Governor Philip Lowe said the Bank was looking for annual wages growth of 3.5%.
Private sector wage growth still weak 
Wages growth in the private sector increased by only 0.5% in Q2, delivering an
annualised result of 2.3%. This compares to the 0.8% increase for public sector
wages, which increased 2.8% y/y. Workers in the public sector in Victoria
enjoyed the highest increase, with wages up 3.7%
Health jobs paying well 
Wages in the health care sector were up by 3.3 per cent over the year, the
fastest of any sector, while the slowest annual growth at 1.7 per cent was for
workers in wholesale trade.
Media and telecoms falling behind 
On a quarterly basis, wages in the information media and telecoms sectors
recorded the lowest growth of only 0.1%. The biggest quarterly rise was 0.7% in
the health, electricity, social assistance, water and waste services sectors.
--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com
[TOPICS: MALDS$,M$A$$$,M$L$$$,MT$$$$]
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com