Technical Analysis

Australian data – Q3 wages +1.0% q/q (expected +0.9%)

Wage price index data from the Australian Bureau of Statistics for the July to September quarter, 2022.

The q/q is the highest since March of 2021. At 1.0% though its hardly a blow-out result. The y/y is at 3.1%, and that’s below the inflation rate (i.e. negative real wage growth).

The wage data is a touch stronger than RBA forecasts. This is unlikely to prompt more aggressive rate hikes from the Bank given they’ve indicated they are not even going to respond to much higher than forecast inflation , see this from earlier:

The next RBA meeting is on December 6 and the base case is for a +25bp move.

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