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AU: Slow wage growth won’t stop rate rises
Australian wages are growing at their fastest pace since 2018, but are still lagging well behind the rate of inflation. The Australian Bureau of Statistics said its wage price index rose 0.7 per cent in the March quarter, which was smaller than economists had been expecting. The data – used by the Reserve Bank of Australia and Treasury to assess wages growth – showed the annual rate was 2.4 per cent, up from 2.3 per cent previously, but less than half the rate of inflation at 5.1 per cent. However, economists doubt the result will prevent the RBA from lifting the cash rate again when its board meets in June. ABS ... (full story)