On the economic calendar in Australia today - Wages data a key, preview

Australia Q2 Wage Price Index will be closely watched … slow growth is a disturbance in the RBA matrix ;-) … holding back spending and thus growth

• expected +0.6% q/q, prior +0.5%
• expected +2.1% y/y, prior +2.1%

Preview via ANZ:

• We look for a 0.6% q/q rise in the WPI in Q2. This would be a step up from the 0.5% q/q result in Q1. It would leave annual growth in wages unchanged at 2.1%, but with a gradual uptrend still in place.
• An improvement would be consistent with the uptrend evident in other measures, such as the WPI including bonuses, EBA wages and the GDP measure of wages.
• Ongoing spare capacity in the labour market suggests improvement will continue to be quite gradual.