ANZ note that “the Wage Price Index (WPI) came in below expectations in Q1 at a low 0.7% Q/Q (0.65%), the same rate as in Q421. This suggests the RBA is likely to hike the cash rate another 25bp in June, rather than a larger 40 or 50bp hike. But there are still important data to come, with the April labour market release tomorrow and average earnings per hour in the National Accounts on 1 June.”
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