{"id":2000695,"date":"2023-08-14T23:23:02","date_gmt":"2023-08-15T03:23:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/australia-q2-wage-gains-underwhelm-argue-against-further-hikes\/"},"modified":"2023-08-14T23:26:36","modified_gmt":"2023-08-15T03:26:36","slug":"australia-q2-wage-gains-underwhelm-argue-against-further-hikes","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/australia-q2-wage-gains-underwhelm-argue-against-further-hikes\/","title":{"rendered":"Australia&#8217;s Q2 wage gains disappoint, opposing additional hikes."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Faustralia-q2-wage-gains-underwhelm-argue-against-further-hikes%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2000695&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>By Stella Qiu<\/strong><\/p>\n<p><strong>Australian Wage Growth Holds \u2063Steady, Raises Hopes for Stable Interest \u2064Rates<\/strong><\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Coupled\u200c with the release of dovish minutes from the July policy meeting, investors doubled down \u200con bets that the Reserve Bank \u2064of\u2064 Australia (RBA) would keep \u2064rates steady for a third straight month in\u200b September with a 91% probability, compared with \u206385% before. <\/p>\n<p>The \u2064Australian \u200cdollar hit a session low of $0.6463 before stabilising at $0.6489, while \u2063three<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/australia-q2-wage-gains-underwhelm-argue-against-further-hikes\/\" title=\"Australia's Q2 wage gains disappoint, opposing additional hikes.\">-year bond futures pared earlier\u200b losses<\/a> \u200cto be down just 2 ticks \u200bat \u200c96.07. <\/p>\n<p>The\u200c data released\u200c by\u200d the Australian Bureau of Statistics on Tuesday showed the wage \u2062price index\u2062 (WPI) rose 0.8%\u200b in the\u2063 June quarter from the\u200d previous quarter, against \u2063forecasts of a 0.9% increase.<\/p>\n<p>Annual pay\u200c growth eased a \u2064little to 3.6% \u200dfrom a decade\u200d high of 3.7% in the previous quarter, breaking an \u2064accelerating \u2063trend seen\u2062 since the\u2064 March quarter 2021.\u2064 That compared with forecasts of 3.7% growth.<\/p>\n<p>\u201cWage growth has been stuck at 0.8% q\/q for the past three quarters \u2013 a somewhat surprisingly\u2064 slow\u200d pace given the very low level of the unemployment rate,\u201d \u2062said Sean\u200c Langcake, \u200dhead of macroeconomic forecasting for Oxford Economics Australia.<\/p>\n<p>Despite <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-as-congress-for-billions-to-help-other-countries-debt-relief-climate-change-initiatives\/\" title=\"Janet Yellen As Congress For Billions To Help Other Countries\u2019 \u2018Debt Relief,\u2019 \u2018Climate Change\u2019 Initiatives\">higher interest rates<\/a>, Australia\u2019s jobless rate is hovering near a 50-year low of\u200c 3.5%\u2062 and the \u2062economy is \u200dadding more jobs than expected. However,\u2062 wages are still lagging behind inflation in a squeeze on real incomes. <\/p>\n<p>The RBA now sees a credible path where inflation could be restrained with \u2063interest rates at their current level,\u2063 minutes showed on Tuesday.\u2063 \u200b   <\/p>\n<p>The path involves annual wage \u2063growth peaking at \u200b4.1% by the end of the year before easing \u200dback to 3.6% \u200dby end-2025, according to \u200dthe bank\u2019s latest forecasts. \u2063  <\/p>\n<p>However, there is a risk that wages in the third quarter could spike \u2062higher after \u200ca large mandated increase \u2063in the minimum and award wages,\u2064 which \u2064could prompt the RBA\u2062 to hike rates one last time by the end of the year. Currently, investors put that chance at above \u200d50%.<\/p>\n<p>Andrew Boak, an economist\u200b at Goldman Sachs, said the second \u2062quarter wages data are \u200cnot particularly informative, adding that the RBA\u2064 is likely \u2064to \u200cgive more significance to the\u2064 third quarter WPI \u2062report due \u200bin November and broader\u200b measures of nominal unit labour costs \u200bin the June quarter National Accounts, due on \u2064Sept. 6.<\/p>\n<p>The ABS data\u2064 showed wages in the public sector picked up to an annual rise\u2062 of 3.1% while growth in private sector wages increased 3.8%. <\/p>\n<p>  (Reporting by \u2062Stella Qiu; Editing by \u2062Kim\u200d Coghill, Sonali Paul and Simon \u200bCameron-Moore)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/business\/australia-q2-wage-growth\/attachment\/file-photo-workers-carry-barriers-as-they-wait-to-cross\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Grassroots\u200b Fight Over Parental and Transgender\u200c Children&#8217;s Rights \u2063in New Jersey<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Grand Jury \u200cMay\u2063 Indict Trump in Georgia, Developers Eye Hawaii Fire for Profit<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Criminal Charges Against Donald Trump\u2063 Briefly Appear on Fulton County Website<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Shocking Video \u200dCaptures \u2064Mob of Robbers\u2064 in Los Angeles\u2062 Mall<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Chinese Livestream \u2064Sales Host Sees Rapid Career \u200bGrowth<\/strong><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p><strong>Clorox\u200d Systems Offline After Unauthorized Activity Disrupts \u200cOperations<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Stella Qiu SYDNEY (Reuters) &#8211; Australian wage growth remained stable in Q2, but annual pay awards unexpectedly slowed, suggesting weakening inflationary pressures and arguing against further interest rate hikes. Investors were also influenced by the release of dovish minutes from the July policy meeting.<\/p>\n","protected":false},"author":66,"featured_media":2000696,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2000695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2000695"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2000695\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2000696"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2000695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2000695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2000695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}