Real wages boost as annual growth holds at 3.4 per cent
The wages increased by 3.4 percent in June and above expectations, provided support to the real income of workers.
The annual figure was stable from the first quarter, but since inflation fell to 2.1 percent in that March quarter, the real wage increase has increased by 1.3 percent at the moment.
The fee price index increased by 0.8 percent until June, while the Australian Statistical Bureau reported on Wednesday, the wages, at the end of 2023 at the end of 4.2 percent of the summit gains stability.
ABS Price President Michelle Marquardt said that a smaller part of the jobs achieved big wage increases compared to a year ago and contributed to the reduction of overall wage growth.
Public sector wages increased by one percent in the quarter and an average increase of 0.8 percent of the private sector has left behind.
“When the increase in this quarter in the public sector was combined with regularly planned wage increases, Marquardt reflected reimbursement increases from the recent state -based business agreements,” Marquardt said.
CBA Senior Economist Belinda Allen, Reserve Bank’s widespread cash rate on Tuesday after the expected cash rate, the workforce market figures will be the key to the next price decision of the central bank in September.
Michele Bullock, the Governor of the Central Bank, said that the board of directors will take a meeting with a meeting with a meeting and closely follow the upcoming data bulletins to ensure that it continues to progress in accordance with the goals of the economy.
Mrs. Allen expects RBA to wait until November before cutting it again, but it may vary depending on how this data develops.
“The governor did not retreat with the withdrawal. Inflation seems to be under control, so any acceleration of the cutting cycle should be directed with a deterioration in the labor market.”
He said that the most important data readings before the next meeting will be published on Thursday and September, and the economic growth figures for the June quarter will be published on 3 September.
RBA personnel, trend productivity increase expectations to 0.7 percent per year, while GDP reduced growth forecasts.
The Australian economy is currently expected to expand by 1.7 percent from 2.1 percent in 2025.
Traders are pricing at about one -third for the September section.
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