Australian Q4 Wage Price Index

+0.5% q/q

  • expected +0.5% q/q, prior +0.4%

+1.9 % y/y

  • expected +1.9% y/y, prior +1.9%
  • At 1.9% y/y, its at a record low (since this data series commenced)

Slow wages growth evident in this data.

You'll recall from earlier today the words of RBA Governor Lowe on wages growth:

  • Says liaison suggests wages growth has bottomed, but a pick up is not imminent

The problem is that slow wage growth is not helping growth in housleghold consumption. And neither is high household debt (also in the words of Lowe earlier today:

  • Households coping reasonably well with high debt, but is affecting spending)

Some more detail from the data,

  • Private sector wage growth at +0.4% q/q & +1.8% y/y (Which appears to be its slowest since the 1960s)

more to come