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Wage Price Index, Australia June 2022
In June quarter 2022 the seasonally adjusted WPI: • Rose 0.7% this quarter and 2.6% over the year. • The private sector rose 0.7% and the public sector rose 0.6%. Wage Price Index (WPI) Total hourly rates of pay excluding bonuses: table Seasonally adjusted quarterly wages grew by 0.7% for the third consecutive quarter. The private sector was the main driver of wages growth over the quarter. The average size of wage rises within the private sector was a notable factor influencing wages growth. Jobs in the Construction (1.4%) and Professional, scientific and technical services (0.7%) industries were the main ... (full story)
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AUD/USD slides beneath 0.7000 threshold on softer Australia wage data
AUD/USD takes offers to refresh intraday low after downbeat Australia Wage Price Index. • Aussie Wage Price Index missed strong market expectations in Q2. • US dollar pullback ahead of Fed Minutes adds strength to the upside momentum. • US Retail Sales, risk catalysts are also important for clear directions. AUD/USD fails to justify the previous day’s bullish Doji as it renews intraday low near 0.6990 after Australia’s Wage Price Index for the second quarter (Q2). Also exerting downside pressure on the Aussie pair is the mixed sentiment ahead of the US Retail Sales and Fed Minutes. That said, Aussie Q2 Wage ... (full story)
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Wage rises continue to lag far behind inflation
Australian workers have suffered another large real pay cut, with the latest official data showing wages growth fell further behind the surging cost of living in the year to June. The latest Australian Bureau of Statistics Wage Price Index shows baseline pay packets rose 2.6 per cent over the year to June after a 0.7 per cent rise in the quarter. That compares to a 6.1 per cent annual jump in the cost of living according to the bureau's consumer price index from the same period. In effect, that means workers took a 3.5 per cent real wage cut over the past year, as their pay packets were able to buy less goods and ... (full story)
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