ONLY CHARTS #269

Aus wages, Aus job ads, NZ housing prices, Canada CPI, Canada housing prices

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1. Australia’s wage price index rose +0.7% q/q and +3.2% y/y in Q4 2024. It was a ‘soft’ 0.7% too, rounding up from +0.65% q/q. The WPI measures growth in hourly wage rates at the job level.

Slower wages growth in Australia is a reaction to the prior increase in labour underutilisation.

2. The RBA had pencilled in a stronger rise of +0.8% q/q for the Q4 WPI in yesterday’s SMP.

The Bank did flag, however, that delays around the finalisation of some major public-sector EBAs have weighed on the public-sector WPI outcomes and that “these agreements are expected to flow through in coming quarters, which would see public sector wages growth pick up in the near term and may also contribute to volatility in quarterly WPI outcomes”.