Advertisement
While the monthly inflation indicator came in hotter than expected, which would concern the RBA, the Bank would at least be satisfied by the slowing in wage growth, which signals slower services inflation.
SEEK’s latest advertised salaries index for May reported soft growth of only 0.2% over the month and 0.8% over the quarter (3.2% annualised):
Source: SEEK
The full text of this article is available to MacroBusiness subscribers
Cancel at any time through our billing provider, Stripe
About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
Advertisement