Wages growth lame
Bank wages data has told us for months that wage prices growth is only modest, despite many concerned claims to the contrary.
Well, I guess we can put that one to bed, for the time being at least.
Wage price growth was once again lame at 0.7 per cent in Q2, and 2.6 per cent over the financial year.
Both measures missed expectations to the downside...again.
Just for context, headline inflation is forecast to hit a lazy 7¾ per cent by the end of the year.
Public sector wages growth was only 2.43 per cent, and for the private sector it was just 2.65 per cent.
Queensland recorded 2.9 per cent wage price growth, the fastest growth since 2013, and Tasmania was a relative bright spot.
At the other end of the spectrum, the Northern Territory recorded wages growth of just 2 per cent.
Neatly summarised, as ever, by the outspoken Mr. Keane:
Quite.
