FXStreet (Barcelona) - Justin Smirk, Senior Economist at Westpac sees weak wage growth in industries after the release of the Australian Q3 Wage data.

Key Quotes

“The Q3 Wage Price Index came in on the market’s expectations, printing at 0.6%qtr. Annual growth was flat at 2.6%yr (2.58%yr vs. 2.59% in Q2 and 2.70% in Q1) holding a record low for the series which dates back to Q3 1997.”

“Industry data highlights that, while certain sectors have had a marked deceleration in wage growth, all industries are currently experiencing soft (or weak) wage growth. The strongest sector, arts & recreation, recorded wage growth of just 3.6%yr.”

“The heat has definitely come out of public sector wages. Following two strong quarters in late 2013/early 2014 (0.8% in Q4 2013 Q1 2014), public wages increased by a more modest 0.6%qtr in Q2 and then 0.5%qtr in Q3. The annual pace public sector wage growth slowed to 2.7%yr well below Q2 2012’s 3.3%yr result.”

“Private sector wage growth is holding at 0.6%qtr (the quarterly average for the last year and a half is 0.61%qtr). Annual private sector wage growth is still softer than the public sector running at 2.5%yr pace.”

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