This via TD with their response to the Oz wages data yesterday (in summary)
- Dec qtr Wage Price Index … marginally weaker than expected
- cyclical low was 1.87%/y two years ago, the pace of improvement has been painfully glacial
- Nevertheless, wages are grinding higher along with the tightening labour market, improving bonus payments and favourable enterprise agreements
- RBA expects higher wages growth in due course, but as the pace remains glacial the market and TD view that there is little risk of a movement in the cash rate this year remains intact
As noted in the post headline, jobs report soon:
