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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.
AUSTRALIA DATA
The Q1 wage price index rose a less-than-expected 0.8% q/q to be up 4.1% y/y, the third straight quarter above 4%. Q4 was revised up 0.1pp to 1.0% q/q. The RBA had expected 4.2% y/y and so the result is broadly in line with its forecast and so this data is unlikely to change the current on hold stance.
- The public and private sectors saw wage growth ease rising 0.8% q/q and 0.5% respectively, both the lowest since Q1 2022. They are now up 4.1% and 3.8% y/y down from 4.2% and 4.3% in Q4. The public sector is heavily impacted by the timing of new agreements and wage cap changes and there were large increases in Q3 and Q4 last year.
- The share of employees receiving a pay hike in Q1 eased to 14% from 19% in Q1 2023 with the average rise 4%. In the private sector 12% had an increase down from 14% in Q1 2023 but the size remained at 4.4% around where it has been every quarter since then except Q3 which was impacted by the minimum wage hike.
- The share receiving a wage increase above 3% over the last year rose to 66% from 50% in Q1 2023. A rise of 0-2% picked up slightly for the first time since Q2 2021 but is still 4.1pp below Q1 2023. The share receiving large gains of over 6% continued to trend higher in Q1 at 14.4% up 3.8pp y/y and 4-6% at 31% up 6.5pp y/y.
Australia wages growth ex bonuses y/y%
Source: MNI - Market News/ABS/SEEK
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.
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