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Australia's Wages Rise Slowest in a Year
2024-08-13 09:00:08
Economy
Business
Inflation

Australia's Wages Rise Slowest in a Year

Australian wages rose 0.8% in Q2, the slowest in a year and below market forecast. Annual growth stands at 4.1%, with the private sector at its lowest since 2021. The RBA policy remains steady at 4.35%, expecting inflation to return to 2-3% by 2025. Oxford Economics notes that wage growth is still too strong for a quick inflation return.

However, incomes are boosted by major tax cuts implemented in July. The jobless rate ticked up and productivity growth is lacking.

Underlying inflation stood at 3.9% last quarter. Some economists are anticipating a rate cut early next year, while markets are now wagering on easing by year-end.

Related news on that topic:

Australia's Wage Growth Outpaces Inflation: A Positive Outlook

Australian wages grew 4.1% annually, surpassing the 3.8% inflation rate. In Q2, private sector wages increased by 0.7% and public sector wages by 0.9%. Two-thirds of workers experienced over 3% annual wage growth. This marks the first time in three years that wage growth has outpaced inflation, as reported by the ABS Wage Price Index and CPI data. Public sector wages rose at the second-fastest pace in 14 years, with synchronized pay raises benefiting public service employees. Australian business conditions improved in July, indicating a positive economic outlook with easing cost pressures. Consumer sentiment brightened in August as tax cuts and reduced rate fears boosted family finances.

Wholesale Inflation Inches Up in July, Below Expectations

July saw a modest 0.1% increase in wholesale inflation, falling short of predictions. The uptick, potentially prompting a Federal Reserve interest rate cut, was led by a 0.1% rise in the Producer Price Index. Goods prices surged by 0.6%, driven by energy costs, while services prices declined, particularly in trade services. The UK also faces its first inflation rise this year, expected to reach 2.3% in July due to various factors including higher airfares and grocery prices. Amidst these changes, consumer experiences of rising costs are becoming more prevalent in everyday purchases.

Read 8 more recent news on this topic

The press radar on this topic:

tempo
13. August 2024 um 02:12

Australia Business Conditions Bounce in July, Cost Pressures Easing

Economy
Finance
Business conditions improved in July due to a rebound in sales, while cost pressures continued to ease as high interest rates worked to slow demand. The survey showed employment index bounced back, suggesting robust jobs growth. The Reserve Bank of Australia held interest rates steady, and Singapore's DBS Group appointed a new CEO. Australia's team was hailed at the Paris Olympics, the government test-fired a Raytheon missile, and Australia will provide aid storage for Pacific Island countries...
Yahoo!
13. August 2024 um 00:02

Singapore Q2 GDP up 2.9% y/y, matching advance estimate

Economy
Finance
Politics
Singapore's Q2 GDP up 2.9% y/y, 0.4% q/q, matching advance estimate. Trade ministry adjusted GDP growth forecast range for 2024 to 2.0-3.0%. GDP grew 1.1% in 2023, slower than 3.8% in 2022. MAS left monetary policy unchanged as inflation pressures moderated. Downside risks from geopolitical conflicts, tighter global financial conditions. MAS expects economy to strengthen, with growth closer to potential 2-3%.
CNBC
13. August 2024 um 04:13

Australia's second-quarter wages rise at slowest pace in a year

Economy
Finance
Australian wages rose 0.8% in Q2, slowest in a year and below 0.9% market forecast; annual growth 4.1%; private sector 0.7%, lowest since 2021; RBA policy steady at 4.35%, expects inflation to return to 2-3% by 2025; Oxford Economics says wage growth still too strong for quick inflation return; incomes boosted by major tax cuts starting July; jobless rate ticked up, productivity growth lacking; underlying inflation at 3.9% last quarter; some economists looking for rate cut early next year, mar..
Reuters
13. August 2024 um 03:46

Wage growth, second quarter down 0.8% from previous period, lowest level in a year

Economy
Finance
[Sydney, 13th Reuters] - According to the Australian Bureau of Statistics, the wage price index (WPI) growth rate in the second quarter was 0.8% compared to the previous period, lower than the market expectation of 0.9%, reaching the lowest level since the second quarter of 2023. The slowdown in wage growth in the private sector indicates that the labor market is easing. In the first quarter, the growth rate was 0.9%. The year-on-year change remained at 4.1%. However, the previous growth rates..
CW

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