RBA REMAINS 1.5 PERCENT
The Board of the Reserve Bank of Australia (RBA) has announced the basic cash rate remains at 1.5 percent. It has been at 1.5 percent for 28 months.
WAGE GROWTH HIGHEST IN 3 YEARS
Hourly pay rates across Australia increased 2.3 percent over the past 12 months for the highest annual growth rate in 3 years. Public sector hourly rates of pay lifted 2.5 percent over the year, according to the Australian Bureau of Statistics (ABS). Private sector workers received a 0.5 percent increase in the quarter and 2.1 percent over the year. ABS chief economist Bruce Hockman said: “There was a higher rate of wage growth recorded across the majority of industries in comparison to this time last year, reflecting the influence of improved labour market conditions.” (For individual industries, the annual growth ranged from 1.8 percent for the mining and retail trade industries to 2.8 percent for the healthcare and social assistance industry).