Workers in some sectors have received one-off pay boosts as a tight labour market keeps pressure on wages. Firm growth in the wage price index is expected for the September quarter, following the 0.8 per cent quarterly increase in three months to June that was slightly below forecasts. Compared to a year earlier, the Australian Bureau of Statistics’ wage price index grew 3.6 per cent.
The central bank lifted interest rates by another 25 basis points in November and is open to hiking them again if inflation proves harder to bring down than expected. ABS labour force data due on Thursday will also be of interest to the central bank as it looks for signs its series of rate rises is cooling the economy. The jobs market has proved remarkably resilient to higher rates and high inflation, but fewer job vacancies and other indicators suggest it is starting to loosen.