Q1 2023 Wage Price Index (WPI) data is due from Australia today at 11.30am local time
- 0130 GMT in the calendar snapshot below (this is 9.30pm US Eastern time)
The previous result for this, Q4 of 2022 showed wage growth substantially below consensus and RBA expectations.
The Reserve Bank of Australia followed up by revising down their WPI forecasts in May Statement on Monetary Policy.
Commonwealth Bank of Australia make an interesting point, using their own proprietary data:
- Our wages tracker, which captures wages and salaries paid into CBA bank accounts, indicate that wages growth was travelling around 3½%/yr in April.
- We are seeing signs in our data that upside wages pressures are beginning to ease.
- The share of accounts receiving large wage increases has declined slightly recently. Median wages growth has also been little changed over recent months
---
A result for the WPI today above consensus would be a bigger surprise than one below consensus and should prompt renewed speculation over further RBA hikes. AUD has fallen since the Chinese data yesterday and would be vulnerable for a pop.
