As we know, Wednesday’s wage price index (WPI) disappointed expectations, recording only 2.3% annual growth in the 2021 calendar year:
With the RBA seeking wage growth in excess of 3.0%, this soft result all but squashed the notion that the RBA would lift the cash rate by mid-year.
Yesterday, the ABS release average weekly earnings (AWE) data for November 2021, which reported annual AWE growth of 3.8% – well above the WPI:
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