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Wednesday’s labour price index from the Australian Bureau of Statistics (ABS) revealed that wages nationally increased by 0.8% in March to be 3.3% higher year-on-year:
Wage growth was higher in the public sector (3.30%) than the private sector (3.23%):
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As illustrated below by Justin Fabo from Antipodean Macro, the result was bang in line with the RBA’s latest forecasts:
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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.