ONLY CHARTS #205
Aus public-sector employment, Aus RBA cash rate pricing, Aus mortgage rates, Aus mortgage repayments, Aus EBA wages, Aus goods trade, Global PMI & data surprises
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1. We warned recently that the huge jump in (measured) public-sector employment in Australia’s labour force survey in Q3 simply could not have happened.
More reliable annual data on public-sector employment - based on Single Touch Payroll data - released today confirmed our suspicion.
It showed that total public-sector employment rose 87.5k (+3.6%) to 2.52m over the year to June 2024.
2. Market pricing for RBA cash rate cuts has been unwound further in recent days.
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