MNI BRIEF: Aussie Q4 Wages Grow 0.7% Q/Q

The Australian Wage Price Index rose 0.7% q/q in Q4, 10 basis points lower than expected and 20bp down on Q3’s result, data from the Australian Bureau of Statistics showed Wednesday. 

The measure rose 3.2% y/y, in line with the Reserve Bank of Australia’s most recent forecasts. The private sector rose 0.7%, while the public sector saw a 0.6% increase over the quarter. The result was the lowest quarterly wage growth since March 2022. 

The RBA eased the 4.35% cash rate 25 basis points this week, with Governor Michele Bullock highlighting the labour market as a key risk to further easing. (See MNI RBA WATCH: Board Delivers Hawkish 25BP Cut)