MNI China Daily Summary: Thursday, July 25

MNI BRIEF: Japan Govt Keeps Econ View, Cuts Exports

MNI: PBOC Conducts CNY200 Bln via MLF Thurs; Rate Cut

MNI: PBOC Sets Yuan Parity Lower At 7.1321 Thurs; -1.92% Y/Y

CHINA PBOC CONDUCTS CNY235.1 BILLION VIA 7-DAY REVERSE REPOS THURS

CHINA SETS YUAN CENTRAL PARITY AT 7.1321 THURS VS 7.1358

MNI: BELGIUM JUL BNB BUSINESS SURVEY -12.3

MNI: US Q2 GDP +2.8%

MNI: US JOBLESS CLAIMS -10K TO 235K IN JUL 20 WK

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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Queensland Teachers Gain Inflation Adjustment On Top Of Wage Rises

AUSTRALIA

Queensland state school teachers are set to agree to an enterprise agreement giving them a 4% pay rise this year and another 4% next year with 3% in 2024, as reported by The Australian. Included in the agreement is a cost-of-living adjustment of as much as 3%. If high inflation continues, teachers could receive a wage rise of 20% over three years (The Australian). The RBA is likely to be watching how widespread arrangements such as this one become.

  • Bonuses for working in remote areas will also be more than doubled.
  • Public sector wage growth has been lagging behind that of the private sector as agreements tend to be multi-year. This wage increase agreed for Queensland’s teachers signals that as deals are renewed public sector wage growth is likely to catch up or even exceed the private sector.
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