Australia data – Wage Price Index for Q1 2024: +0.8% q/q (expected +0.9%)

Wage Price Index (Q1) +4.1% y/y

• expected 4.2%, prior 4.2%

and +0.8% q/q

• expected 0.9%, prior 0.9%

The y/y result compares well with Australian budget forecast of 4% growth this year, and the RBA’s forecast of 4.2%. No wage-price spiralling out of control for now.

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Tomorrow we get the Australian employment report for April, though it’ll be competing for attention with Japan’s advance GDP reading for Q1:

This article was written by Eamonn Sheridan at www.forexlive.com.