THE WEEK AHEAD BY RBC - "AU Labour...>

AUSTRALIA DATA: THE WEEK AHEAD BY RBC - "AU Labour force report (Thu): The RBA

remained upbeat in the November statement on Tuesday, seeing lead indicators as

pointing to "solid growth in employment over the period ahead," with an

associated decline in the unemployment rate from 5.5% over the medium term.

Strong underlying momentum therefore looks likely to continue for the moment,

but perhaps not quite at the +31k average over the last year. We expect a +25k

gain in October, slightly above last month's +19.8k. We move our part rate

estimate down a touch to 65.1% and see the unemployment rate unchanged for the

moment at 5.5%.

- AU Q3 Wage Price Index (WPI, Wed): "Annual growth has been stuck at an

historical low of 1.9% for the last 12 months, with private sector wages running

at an even weaker 1.8% and public sector wages at 2.4%. This disparity is likely

to have continued in Q3, and we expect the 3% increase in the minimum wage to

have boosted the total WPI in the quarter for a 0.7% increase, taking y/y growth

to 2.2%."