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Australia Wage Growth Weaker Than Expected, Rate Bets Pared
- Currency falls, bond yields trim gains on weaker wages report
- Private sector wage growth continues to outpace public sector
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Australian pay grew at a weaker than expected pace in the final three months of 2022, suggesting the economy will avoid a wage-price spiral and prompting traders to pare bets on future interest-rate increases.
The Wage Price Index climbed 3.3% from a year earlier, slower than the 3.5% median estimate of economists, government data showed Wednesday. On a quarterly basis wage growth actually slowed to 0.8% from an upwardly revised 1.1% in the three months through September.