Wage growth data from Australia due Wednesday 15 May 2019 – preview

Wage growth data from Australia due Wednesday 15 May 2019 – preview

Coming up at 0130 GMT from Australia
– Wage price index for Q1



  • The labour market has clearly tightened through 2018. Unemployment has fallen tightening the labour gap. Firms are reporting it harder to find labour and the underemployment rate has been trending down. And yet the lift in wage inflation remains very modest. 
  • … broader wage gains look to remain quite contained and our 0.6%qtr for Q1 will see the annual pace hold at 2.3%y


  • Elevated underemployment is expected to leave wages growth at 0.6%/qtr and 2.4%/yr


  • We are expecting a 0.6% q/q rise in the WPI in Q1, slightly up on the 0.5% q/q gain in Q4. This would be in line with the lower underemployment rate during the quarter. This would see annual growth remain at 2.3%.


  • growth in wage rates should moderate to +0.6% q/q and 2.3% y/y in Q1, in line with moderation in business surveys.

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