Australia’s Wages Remain Elevated, Underlining Price Pressures
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Australia’s wage growth remained elevated in the second quarter, reflecting persistent inflation pressures in the economy and supporting the Reserve Bank’s view that interest-rate cuts remain some way off.
The Wage Price Index advanced an annual 4.1% in the three months through June, matching the first quarter while exceeding economists’ estimate of 4%, Australian Bureau of Statistics data showed Tuesday. On a quarterly basis, wages grew 0.8%, slightly lower than the prior period and forecasts.