Employment growth solid
Roy Morgan's survey estimated that Australian employment soared +427,000 higher over the year to October, or a very strong +3.6 per cent, albeit with a substantial contribution from part-time jobs.
There are a couple of very important data points due out on Wednesday and Thursday this week from the ABS, being the wage price index and the closely-watched labour force survey.
The market median forecast sees wages growth moving beyond the nadir to post +0.6 per cent growth for the quarter in Q3 and +2.3 per cent for the year.
The seasonally unemployment rate suddenly dropped to 5 per cent last month, so it will be interesting to see whether that can hold.
ING thinks it can go even further - down to 4.9 per cent on lower participation - but let's see on Thursday.