NAB note that “while today’s data in isolation is not strong, it hasn’t shifted the broader picture of a tight labour market that was evident through H2 2022. The RBA December minutes noted that wages growth was continuing to pick up and that the risk to wages growth was to the upside due to the tight labour market and high inflation. It is worth noting that both the strong November employment update and today’s data have been released since the RBA’s December decision and with the unemployment rate remaining near 48-year lows that assessment will remain intact.”