Australian wages growth stayed stubbornly weak last quarter in a disappointing o...
SYDNEY - Australian wages growth stayed stubbornly weak last quarter in a disappointing outcome for household consumption and provided further evidence of ample spare capacity in the country’s labor market despite a strong run of jobs lately.
Annual wage growth at 2.3% has remained steady since the quarter-ended September 2018 and way below policymakers desire of “3 point something”. “The data largely confirms the RBA’s view that spare capacity is limiting upward pressure on wages, and the economy needs to generate more jobs to absorb the extra workers,” said Sarah Hunter, chief economist at BIX Oxford Economics.
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