Australia: Wage growth stable but private sector slows - ANZ
|Catherine Birch, an Analyst at Australia and New Zealand (ANZ) Banking Group, offers a quick reaction to the Australian Q2 Wage Price Index released earlier this Wednesday.
Key Quotes:
“The wage price index (WPI) rose by 0.6% q/q in the June quarter, maintaining annual growth at 2.3% for the fourth consecutive quarter.
The “most significant contribution” to quarterly growth came from public sector health, where ABS Chief Economist, Bruce Hockman, said that “a number of large increases were recorded in Victoria under a plan to ensure wage parity with other states”.
This temporary effect boosted public sector wage growth to 2.6% y/y, but this was largely offset by a decline in private sector wage growth to 2.3% y/y.
So the headline figure – which isn’t very positive in itself – masks some more concerning trends.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.