Australian wages data for Q4 2022 is due at
- 11.30 am Sydney time
- 0030 GMT
- 7.30pm US Eastern time
- This snapshot from the ForexLive economic data calendar, access it here.
- The times in the left-most column are GMT.
- The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
In Q3 2022 the +3.1% y/y was the quickest since early in 2013, with wages in the private sector rising the fastest since 2010. A beat on the numbers expected today would add pressure to the RBA to get a hurry on hiking its cash rate. Its deeply negative:
There are analyst concerns that the hikes we've had from the RBA are slowing house prices and consumption. The thing is, these are features of the hiking cycle, not bugs. The Reserve Bank of Australia has been laggardly with its response to surging inflation, relying on flawed forecasts and thereby prolonging the pain. Recent comments from Governor Lowe hint that the powers that be at the Bank are finally accepting the need to do more. A March 7 rate is baked in.
