Australian wages index for Q1 2022: 0.7% q/q (vs. expected 0.8%)

Australian Q1 Wage Price Index data 0.7% q/q

• expected 0.8% q/q, prior 0.7%

2.4% y/y

• expected 2.5% y/y, prior 2.3%

Private sector +0.65% q/q and +2.44% y/y

• Public sector up not quite so quickl;y at +0.56% q/q & +2.23% y/y

Given the rate of inflation is north of 5% real wages are falling substantially according to this data.

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Background:

• Australian wages data due today - "will be watched closely for (RBA) rate hike forecasts"
• Australian data due today will be key for the next RBA rate hike (on June 7)