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Wage Price Index, Australia June 2023
In June quarter 2023, the seasonally adjusted WPI rose 0.8% for the quarter and 3.6% over the year. The private sector rose 0.8% and the public sector rose 0.7%. The industries with the most significant contributions to wage growth were Construction (1.3%) and Professional, scientific and technical services (0.7%). chart Wage Price Index (WPI) Total hourly rates of pay excluding bonuses: table The proportion of jobs receiving a wage rise this quarter was slightly lower than in June quarter 2022. However, for those jobs that received a wage increase, the average increase was larger than last year. Looking at WPI ... (full story)
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Australia Q2 Wage Price Index eases to 0.8% QoQ, 3.6% YoY, AUD/USD drops 25 pips
Early Tuesday in Asia, the Australian Bureau of Statistics (ABS) unveils the second quarter (Q2) Wage Price Index for the Pacific major on a quarterly (QoQ), as well as a yearly (YoY) basis. The details of the wage increase, per the ABS, suggest that the headline Wage Price Index grew 0.8% QoQ versus 0.9% expected and 0.8% prior. Further, the Aussie Wage Price Index grew 3.6% YoY versus the market’s forecast of witnessing an unchanged 3.7% figure for the said period. AUD/USD drops 25 pips: Following the downbeat Aussie wage growth, AUD/USD dropped 25 pips to reverse the early-day rebound and refresh the intraday ... (full story)