Pessimists rule as wage growth stays slow

15 November, 2017, 12:01 | Author: Regina Silva

The Bank has expressed confidence on a number of occasions that wage growth would improve, but that confidence will be tested by the weakness apparent in these numbers.

Economists had forecast a 0.7 per cent bump for the quarter and an annual rate of 2.2 per cent.

Public-sector wages rose 0.5% in the quarter and rose 2.4% from a year earlier.

Workers in the accommodation and food services industries had the highest quarterly rise of 1.7 per cent, while mining company employees saw their pay packets inch up by just 0.2 per cent, according to Australian Bureau of Statistics data released on Wednesday.

The Australian dollar plunged after the figures were released, diving as low as 75.77 U.S. cents at 1306 AEDT, after trading at 76.29 USA cents just before the release.

'No indication' Saudi coalition reopening Yemen ports
In March 2015, the Saudi-led coalition of mostly Persian Gulf countries launched airstrikes against the Houthis at Hadi's request. However, Mr McGoldrick said there was "no indication" yet of the blockade being lifted.


Active shooter training held at Wausau church after mass shootings
He adds; his sense of Texan pride makes it hard for him to be far away from home during the aftermath of the shooting . Mark Collins, a previous pastor at First Baptist, said it was the largest gathering in the church's 100-year history.


China sending envoy to North Korea after Trump's Beijing visit
Song Tao, the head of Beijing's International Department, will head to the North on Friday, Xinhua news agency said. Mr Kim has never visited China, and Mr Xi has not visited North Korea since he became president.


For a central bank expecting a gradual lift in wage pressures to help boost household consumption, GDP growth and inflation in the years ahead, this is a concerning result for the Reserve Bank of Australia (RBA), especially given how strong employment growth has been this year.

Wages have lagged the recovery in the Australian labour market.

The bulk of wage growth came from the public sector, which grew by 2.4 per cent over the past year.

Wage growth was highest in Victoria, Queensland and Tasmania at 2.2 per cent. Unsurprisingly, given its ongoing economic problems, Western Australia recorded the slowest wage growth nationally at 1.3 per cent.

The Australian wage growth is expected to creep higher over the coming years as spare capacity in the labour market is gradually being eroded, job insecurity has fallen, and businesses are reporting some pockets of difficulty in finding suitable labour, ANZ Research reported.

Recommended:



Popular

Watch the unboxing of the new T-Mobile REVVL Plus
To remind you, T-Mobile Revvl, which was launched in August this year, is now sold for $6 down and $6 per month with EIP. The T-Mobile Revvl Plus will remain a carrier exclusive device to the said carrier, and carries a price tag of $200.

How Does Morgan Stanley (MS) Stack Up Right Now?
Finally, Oppenheimer Holdings, Inc. reaffirmed a "hold" rating on shares of Morgan Stanley in a report on Tuesday, October 17th. Morgan Stanley (MS) is an interesting player in the Financial space, with a focus on Investment Brokerage - National.

Olly Murs and Melanie Skyes are dating
A showbiz source revealed last night: "Mel loves a younger man and really fell for Olly when he got into shape late a year ago ". They went on to explain that the showbiz pair had been texting for a while, before it became "saucy".

Short Interest in Callon Petroleum Company (CPE) Decreases By 7.1%
D E Shaw And holds 0% in Callon Petroleum Company (NYSE: CPE ) or 135,185 shares. 291,018 are held by Nationwide Fund Advsr. KeyBanc Capital Markets maintained Callon Petroleum Company (NYSE: CPE ) on Monday, September 18 with "Buy" rating.

Court reserves verdict on Nawaz, Maryam's appearance exemption plea
She informed the judge that the appeared before the NAB Lahore team on August 18 this year and provided the required documents. His counsel stated that Nawaz's pleader, Zafir Khan, will appear on the former premier's behalf during his absence.

Election Commission asks Gujarat BJP to drop 'Pappu' from advertisement
The poll watchdog said that word "Pappu", apparently targeting Congress vice president Rahul Gandhi , is "derogatory". The poll-bound state has immensely indulged in political controversy with Pappu word in campaign script.

Same-sex marriage bill introduced to Parliament
Senator Brandis added that the amendment was not, nor was there, a government position on the matter. Should the vote go that way, Smith is prepared to introduce his marriage equality bill immediately.

India, Philippines ink four pacts, resolve to fight terrorism
Trade ties between India and Asean are on an upswing and both sides want to further boost trade and investment cooperation. Prime Minister Modi also talked about shared values and common destiny between India and ASEAN.

Trump meets Australian, Japanese leaders to talk about China, North Korea
His flight left more than 30 minutes earlier than planned and he also missed a group photo with other world leaders. Under the terms being discussed, the United States could re-enter the pact in the future.

Myanmar Military Exoneration of Rohingya Crimes is 'Laughable,' 'Pathetic': HRW
In the past week, some 1,200 people crossed over on such flimsy rafts, according to police. Reported by Khin Khin Ei, and Win Ko Ko Latt for RFA's Myanmar Service.