Australian wage growth decelerated unexpectedly in the December quarter last year. According to the Australian Bureau of Statistics (ABS), hourly wage growth excluding bonuses grew by 0.5% in the three months to December, coming in below the 0.6% pace expected. The increase left growth over the year at 2.3%, unchanged from the level reported in the previous quarter. The annual rate was in line with market expectations. Private sector wages rose by 2.3% over the year, the fastest increase in four years. However, that was still below the 2.5% lift seen in public sector wages. Without adjustments for seasonal patterns, ... (full story)

{table} • The trend and seasonally adjusted indexes for Australia rose 0.5% in the December quarter 2018. • In seasonally adjusted terms, both the Private and Public sector wage price indexes rose 0.6%. • The highest index rise at an industry level (in original terms) was recorded in Financial and insurance services (0.9%) and the lowest in Accommodation and food services (0.1%). ANNUAL CHANGE (DEC QTR 2017 TO DEC QTR 2018) • The trend and seasonally adjusted indexes for Australia both rose 2.3% through the year to the December quarter 2018. • In original terms, rises through the year to December quarter 2018 at the ... (full story)