MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Unions Speak Out On Latest Wages Data, Will Government Respond?

AUSTRALIA

As expected, the union movement has responded to the lower-than expected WPI data for Q4. The current Labor government is sympathetic to the unions and so a reaction from government representatives in the coming days is also likely. A policy response to “get wages moving” is also possible given that was an election promise.

  • The secretary of the Australian Council of Trade Unions McManus said “Wage growth is clearly not contributing to inflation. Any wage rises in 2022 and early 2023 have been eaten up by price rises and interest rate rises. More needs to be done to get wages moving.”
  • She also pointed out that real wages are extremely negative and that pay caps in the public sector were a problem.
  • McManus was scathing of the RBA and said that the central bank had got wage expectations “wrong”. “Not only is their thinking stuck in the 1970s, they’re basing interest rate decisions on flawed projections.”
    - The Australian
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