Annual wage growth increased by almost a full percent during beginning of the year as the Australian job market remains tight. The Australian Bureau of Statistics (ABS) seasonally adjusted wage price index rose 0.8 percent in the March quarter and 3.7 percent over the year. This is an increase from the 3.4 percent annual wage…
Inflationary Policies Are Destroying Wages
Commentary When we read about the U.S. economy, we often get wage growth as a signal of a strong labor market. It’s hardly a strong market when the labor participation rate and the employment-to-population ratio are both below the February 2020 levels and have been stagnant for months. Additionally, the headline figure of 4.6 percent…
Australian Wages Growth Lifts Again, Remains Far Below Inflation
May 18, 2022
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Australian wages growth has accelerated for the second consecutive quarter but continues to lag inflation, according to newly released data from the Australian Bureau of Statistics (ABS). The annual rate of wages growth was 2.4 percent, and while it is the highest annual rate recorded since December 2018, it fell below expectations. ABS said it…
Inflation Will Hit 6 Percent by the End of 2022: Reserve Bank of Australia
May 6, 2022
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After the most recent surge in inflation to 5.1 percent during the March quarter, vastly surpassing expectations, the Reserve Bank of Australia (RBA) has revised its inflation forecast to 6 percent over the second half of 2022. “As observed in other advanced economies, consumer price inflation in Australia has picked up markedly since the middle…
New Zealand Unemployment at Record Lows as Wages Climb
May 5, 2022
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New Zealand’s unemployment rate remains at a record low 3.2 percent for the second consecutive quarter, as annual wage growth hits its highest levels in 13 years, according to Statistics NZ. Yet, the body noted that the Omicron wave in January caused significant levels of absenteeism, bringing down the actual number of worked hours during…
Demand for Australian Workers Remains Strong, but Real Wage Growth Falling: RBA Head
March 23, 2022
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Persistent high levels of demand for workers in Australia has put pressure on wages to rise, but Australians will still be taking a pay cut in real wages. The National Skills Commission revealed that job advertisements rose by 3.6 percent, or 9,300, in February to a total of 269,700. It was driven by New South…
Annual Wages Growth in Australia Reaches 2.3 Percent, Still Below Inflation
The tightening labour market in Australia has put upward pressure on wages, but is still behind the current inflation rate. Australian Bureau of Statistics (ABS) has revealed that wages grew 2.3 percent over the past year after it accelerated to 0.7 percent in the December 2021 quarter. Both public and private sector wages picked up…
Australian Cash Rate Remains Unchanged Amid Backdrop of Rising Inflation
February 1, 2022
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The Reserve Bank of Australia (RBA) has decided to maintain the cash rate at 0.1 percent and end its bond purchase program on Feb. 10 at the first board meeting of 2022. “As the Board has stated previously, it will not increase the cash rate until actual inflation is sustainably within the 2 to 3…
Australia’s Progress Towards Inflation Target ‘Better Than Expected’ but Uncertainty Remains: RBA
The Reserve Bank of Australia’s (RBA) governor Philip Lowe said Australia was making “better-than-expected progress” towards its inflation target, but there was still “a way to go.” In an address to the Australian Business Economists, Lowe discussed the recent international trends in inflation and its implications on the Australian economy and the RBA’s monetary policy….
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