Australia Q1 wage growth rises by 3.7%, quarterly gains missed forecasts
Reuters
Published May 17, 2023 12:14
SYDNEY (Reuters) - Australian wages increased at the fastest pace in a decade in the first quarter, although quarterly gains missed forecasts, in a result that offers some solace for policymakers who worry a damaging price-wage spiral would lead to more rate hikes.
Figures from the Australian Bureau of Statistics out on Wednesday showed its wage price index rose 0.8% in the March quarter from the previous quarter, just under forecasts of a 0.9% increase.
Annual pay growth, however, accelerated to 3.7%, from a revised 3.4% the previous quarter, slightly beating forecasts of 3.6%.
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Written By: Reuters
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