Australian Wage Growth Holds Steady at 3.4% Amid RBA Caution
Australia's Wage Price Index ROSE 3.4% year-over-year in the September quarter, matching economist forecasts. Public sector wage growth outpaced private sector gains as the Reserve Bank of Australia maintains a cautious stance after three rate cuts this year.
The central bank's 3.6% cash rate—the lowest since April 2023—comes amid tight labor markets and sluggish productivity growth. Policymakers are closely monitoring business pricing behavior with unemployment NEAR record lows and consumer spending exceeding expectations.
Separate data shows Australian consumer sentiment jumped 12.8% in November, reaching its highest level since February. The wage growth figures and improving economic outlook could influence future monetary policy decisions.
