Top related persons:
Top related locs:
Top related orgs:

Search resuls for: "Reserve Bank of Australia"


25 mentions found


SINGAPORE, Dec 5 (Reuters) - Asian stocks slipped to three-week lows on Tuesday while bonds and the dollar steadied as investors tempered expectations for cuts to U.S. interest rates and waited on U.S. jobs data. The Australian dollar fell 0.5% after the central bank left interest rates on hold, as expected, and emphasised that the future direction rates would depend on data. Japan's Nikkei (.N225) was dragged 1% lower to a three-week trough, mostly thanks to falling chipmaking stocks. Treasuries had come under a little pressure overnight as traders calibrated pretty aggressive pricing for U.S. interest rate cuts. The Reserve Bank of Australia left interest rates on hold and said, as it had a month ago, that future rate settings would depend on data.
Persons: Treasuries, Kim Coghill Organizations: Japan's Nikkei, ANZ, New, Reserve Bank of Australia, Brent, U.S . Department of Agriculture, Thomson Locations: SINGAPORE, Asia, Pacific, Japan, Hong Kong, New Zealand, Tokyo, China
Morning Bid: Small caps pick up baton, China rating hit
  + stars: | 2023-12-05 | by ( ) www.reuters.com   time to read: +6 min
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The likes of Microsoft (MSFT.O), Apple (AAPL.O), Nvidia (NVDA.O) and Amazon (AMZN.O) fell back over 1%, pressured by a modest bounceback in U.S. Treasury yields. China's blue-chip stocks slumped to their lowest since February 2019 amid fears of a possible cut to China's sovereign credit rating cut after Moody's outlook reduction. By Mike Dolan, Editing by Bernadette Baum; <a href="mailto:mike.dolan@thomsonreuters.com" target="_blank">mike.dolan@thomsonreuters.com</a>Our Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Brendan McDermid, Mike Dolan, Russell, that's, Moody's, Isabel Schnabel, Michael Gibson, Christine Laggard, Mongo, Zero Fox, Bernadette Baum Organizations: New York Stock Exchange, REUTERS, Reserve, Microsoft, Apple, Nvidia, Treasury, Reserve Bank of Australia, Central Bank, Reuters, ECB, Barclays, Qatar, P Global, Federal, Division, Supervision, Financial Innovation, Descartes Systems, Health, Powell Industries, Dave, Buster's Entertainment, Reuters Graphics, Thomson Locations: New York City, U.S, Global, York, Treasuries, Europe
Dollar stems decline after heavy November selloff
  + stars: | 2023-12-05 | by ( ) www.cnbc.com   time to read: +3 min
U.S. dollar banknotes are seen in Chicago on October 18, 2022. The dollar regained some ground on Tuesday and hovered near a one-week high against major peers, while bitcoin extended its momentum on optimism that U.S. regulators could soon approve exchange-traded spot bitcoin funds. The euro , meanwhile, languished near a three-week low hit on Monday and last traded $1.0840, while the dollar index stood near a more than one-week high and was last at 103.59. Analysts say the greenback's move higher was in part due to a reversal of its heavy selloff in recent weeks, which saw the dollar index falling some 3% in November, its steepest monthly decline in a year. In cryptocurrencies, bitcoin last stood at $41,873, not far from the previous session's peak of $42,404, its highest level since April 2022.
Persons: bitcoin, Sean Callow, Thierry Wizman, Bitcoin, Nexo, Antoni Trenchev Organizations: U.S, Westpac, Traders, Federal Reserve, New Zealand, Reserve Bank of Locations: Chicago, Asia, Tokyo, Reserve Bank of Australia
Morning Bid: RBA holds and the dollar pauses, too
  + stars: | 2023-12-05 | by ( ) www.reuters.com   time to read: +2 min
Pedestrians walk past the main entrance to the Reserve Bank of Australia building in central Sydney, Australia, October 3, 2016. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets are pricing in bigger rate cuts by the Fed next year than by any other major or emerging market central bank. But will the Fed cut rates by 125 basis points next year? Doubts about that prospect have for now put the brakes on dollar selling. Gold , which shot to a record high in Asia's notoriously thin morning hours on Monday, has recoiled sharply.
Persons: David Gray, Tom Westbrook, Edmund Klamann Organizations: Reserve Bank of Australia, REUTERS, Bank, Aussie, Fed, Bank of Japan, Reuters, Thomson Locations: Sydney, Australia, Asia, U.S, Europe, Tokyo
Two women walk next to the Reserve Bank of Australia headquarters in central Sydney, Australia February 6, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsSYDNEY, Dec 5 (Reuters) - Australia's central bank held interest rates steady on Tuesday as expected, buying it more time to assess the state of the economy and to determine whether further hikes might be needed next year. Wrapping up its December policy meeting, the Reserve Bank of Australia (RBA) kept rates at a 12-year high of 4.35%, adding economic data received since November had been broadly in line with expectations. "Holding the cash rate steady at this meeting will allow time to assess the impact of the increases in interest rates on demand, inflation and the labour market," RBA Governor Michele Bullock said. She has since warned that inflation has become increasingly driven by domestic demand, requiring a more "substantial" response from interest rates.
Persons: Daniel Munoz, Michele Bullock, Bullock, Stella Qiu, Jamie Freed Organizations: Reserve Bank of Australia, REUTERS, Rights, Thomson Locations: Sydney, Australia
Asia-Pacific markets were set to start the final month of this year on a stronger note, with investors awaiting a slew of key economic data Tuesday and inflation readings later this week. Inflation reading for Tokyo will be released Tuesday, which is widely seen as a leading indicator for nationwide trends. South Korea inflation numbers will also be out the same day. The Reserve Bank of Australia will hold its final meeting for the year tomorrow, with economists polled by Reuters expecting the bank to hold rates at 4.35%.
Organizations: Reserve Bank of Australia, Reuters Locations: Asia, Pacific, Tokyo, Korea
A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. REUTERS/David Gray/File Photo Acquire Licensing RightsDec 5 (Reuters) - A look at the day ahead in Asian markets. The relative U.S. interest rate outlook right now fits the weaker dollar narrative - futures markets have the Fed cutting rates next year more than any major or emerging market central bank. And even if the Fed does go that far, other central banks are sure to lower their policy rates more than markets are currently predicting. Here are key developments that could provide more direction to markets on Tuesday:- Australia interest rate decision- Japan - Tokyo inflation (November)- South Korea inflation (November)By Jamie McGeever Editing by Josie KaoOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Michele Bowman's, Philip Lowe, Jamie McGeever, Josie Kao Organizations: Reserve Bank of Australia, REUTERS, Reserve Bank of, Reuters, Bank of Japan, U.S, Thomson Locations: Sydney, Australia, Japan, South Korea, Asia, masse, Tokyo
Dec 4 (Reuters) - A look at the day ahead in Asian markets. The dollar shed 3% in November, its biggest monthly fall in a year, and last week fell for a third week in a row. Many will argue that the U.S. bond and rates markets have gotten far too carried away, and that the Fed will not ease so quickly and aggressively next year. But Fed policymakers are now in their 'blackout period' ahead of the December 12-13 policy meeting. In stark contrast to the Fed, rates futures markets are barely pricing in any rate cuts from the RBA next year at all.
Persons: Wall, Jerome Powell, Jamie McGeever, Diane Craft Organizations: Treasury, Reuters, Reserve Bank of Australia, Thomson Locations: Zealand, Australia, India, South Korea, Philippines, Thailand, Japan, Korea
Australia's Greens to investigate supermarket 'price gouging'
  + stars: | 2023-12-03 | by ( ) www.reuters.com   time to read: +2 min
[1/2] People walk past a Woolworths supermarket following the easing of restrictions implemented to curb the spread of the coronavirus disease (COVID-19) in Sydney, Australia, June 16, 2020. REUTERS/Loren Elliott Acquire Licensing RightsSYDNEY, Dec 3 (Reuters) - Australia's Greens party said on Sunday it would lead a parliamentary inquiry into "price gouging" by major supermarkets as the country grapples with high costs of living. "It will also assess the rise in essential item prices, the validity of discounts offered, and the inflation of profits during economic hardship," added McKim, accusing supermarkets of "price gouging" during "Australia's cost of living crisis". "Construction costs, energy prices, the cost of logistics and packaging have all risen", the spokesperson said. A Woolworths spokesperson said the company was "working to deliver relief" on grocery bills.
Persons: Loren Elliott, Nick McKim, McKim, Competition Andrew Leigh, Leigh, Sam McKeith, Lincoln Organizations: Woolworths, REUTERS, Rights, Australia's Greens, Greens, Coles, Competition, Labor, Reserve Bank of Australia, Thomson Locations: Sydney, Australia
For the month, CPI fell 0.3%, driven by declines in petrol, rent and holiday travel. A closely watched measure of core inflation, the trimmed mean, rose an annual 5.3% in October, easing from 5.4% the previous month. "It's hard to find bad news in Australia's October inflation print," said Harry Murphy Cruise, an economist at Moody’s Analytics. Prices for tradable goods fell 1.6% in October from a month earlier. It also left the door open to further tightening if necessary to meet its annual inflation target of 2-3%.
Persons: Daniel Munoz, Harry Murphy Cruise, Jonathan Kearns, Wayne Cole, Stella Qiu, Lincoln, Sam Holmes Organizations: REUTERS, Rights, U.S ., Australian Bureau, Statistics, Moody’s, Reserve Bank Board, Reserve Bank of Australia, Challenger, Thomson Locations: Australia
The Australian dollar held near a four-month peak while the New Zealand dollar scaled a roughly four-month top of $0.61495 in early Asia trade. Australian inflation data is due later in the day, followed by a rate decision from the Reserve Bank of New Zealand (RBNZ). The dollar index was eyeing a nearly 4% loss for November, its worst monthly performance in a year. "We have become less constructive on the prospects for the U.S. dollar, as progress in reducing U.S. inflation suggests the risks are tilted toward earlier rather than later Fed easing," said economists at Wells Fargo in a note. Sterling last bought $1.27105, hovering near the previous session's roughly three-month high of $1.2715.
Persons: Christopher Waller, Kyle Rodda, Sterling, Capital.com's Rodda, Rae Wee, Lincoln Organizations: Federal Reserve, New Zealand, Reserve Bank of New Zealand, Fed, U.S ., Reserve Bank of Australia, Thomson Locations: SINGAPORE, Asia, Wells
Women shop for clothes on a store in a shopping mall in Sydney's central business district (CBD) Australia, February 5, 2018. REUTERS/Daniel Munoz/File Photo Acquire Licensing RightsSYDNEY, Nov 28 (Reuters) - Australian retail sales unexpectedly slipped in October as consumers cut back on everything but food, though analysts believe many were merely saving some money to splurge on Black Friday sales that took place this month. Retail sales fell 0.2% from September to A$35.77 billion, data from the Australian Bureau of Statistics (ABS) showed on Tuesday. "This is a pattern we have seen develop in recent years as Black Friday sales grow in popularity." Data from e-commerce firm Shopify also showed that point-of-sale sales made by its merchants in Australia during this year's Black Friday sales grew 27% from a year ago.
Persons: Daniel Munoz, Ben Dorber, Shopify, that's, Marcel Thieliant, Michele Bullock, Stella Qiu, Tom Hogue, Edwina Gibbs Organizations: REUTERS, Rights, Australian Bureau of Statistics, Black, ANZ, Asia Pacific, Capital Economics, Reserve Bank of Australia, Thomson Locations: Australia
BoE leads central bank chorus on need for restrictive policy
  + stars: | 2023-11-28 | by ( ) www.reuters.com   time to read: +2 min
Deputy Governor for Markets and Banking of the Bank of England Dave Ramsden attends a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023. Speaking at a central bank conference in Hong Kong, Bank of England (BoE) Deputy Governor Dave Ramsden also said he saw no financial stability grounds to lower interest rates, which are currently up at 5.25%. “We think that monetary policy is likely to need to be restrictive for an extended period of time," he said. Even with all that tightening, Ramsden said inflation was not expected to return to 2% until the end of 2025. Markets have started to position for the first rate cut, with a move seen as soon as April or June.
Persons: Bank of England Dave Ramsden, HENRY NICHOLLS, BoE, Dave Ramsden, Ramsden, Michele Bullock, Bullock, Pablo Hernández de Cos, Cos, Wayne Cole, Selena Li, Xie Yu, Jamie Freed, Simon Cameron, Moore Organizations: Markets, Banking, Bank of England, Reserve Bank of Australia, Bank of Spain, European Central Bank, ECB, Thomson Locations: London, Britain, HONG KONG, Australia, Spain, Hong Kong
While emerging market and Asian equities clocked up decent gains on Tuesday, Wall Street struggled to make much headway despite a seemingly constructive market and economic backdrop. The dollar, Treasury yields, and stock market volatility all fell, and U.S. consumer confidence was higher than expected. Fed Governor Christopher Waller - thought to be close to Fed Chair Jerome Powell's thinking on policy - also signaled that U.S. interest rates could be cut in the months ahead. Thailand's central bank is also expected to keep rates on hold, at 2.50%, through the middle of 2025. Here are key developments that could provide more direction to markets on Wednesday:- New Zealand interest rate decision- Thailand interest rate decision- Australia inflationBy Jamie McGeever Editing byOur Standards: The Thomson Reuters Trust Principles.
Persons: Issei Kato, Christopher Waller, Jerome Powell's, That's, Michele Bullock, Jamie McGeever Organizations: U.S, REUTERS, Wall, Treasury, Fed, Nasdaq, Reserve Bank of New, New Zealand, Reserve Bank of Australia, Thomson, Reuters Locations: Tokyo, Japan, New Zealand, Thailand, Australia, U.S, Thailand's, Zealand
[1/4] Andrew Hauser, who has been appointed the next Deputy Governor of the Reserve Bank of Australia, is seen in this undated handout photo distributed on November 27, 2023. Australian Government/Handout via REUTERS Acquire Licensing RightsSYDNEY, Nov 27 (Reuters) - Australia on Monday appointed the Bank of England's (BoE) Andrew Hauser as the new deputy governor of the Reserve Bank of Australia (RBA), filling a position that had been vacant since Michele Bullock was elevated to the top role in late September. Hauser, who currently serves as the executive director at markets at the BoE, is expected to start before the first RBA board meeting next year. Governor Bullock welcomed the appointment. "I warmly congratulate Andrew on his appointment...He has great experience and will bring a welcome external perspective to the Bank and the Reserve Bank Board."
Persons: Andrew Hauser, BoE, Michele Bullock, Hauser, Governor Bullock, Andrew, Lewis Jackson, Stella Qiu, Kim Coghill, Sam Holmes Organizations: Reserve Bank of Australia, Australian Government, REUTERS Acquire, Rights, Monday, Bank of England's, London School of Economics, Bank, Reserve Bank Board, Thomson Locations: Australia
A man looks at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average outside a brokerage in Tokyo, Japan October 4, 2023. REUTERS/Issei Kato/File Photo Acquire Licensing RightsNov 28 (Reuters) - A look at the day ahead in Asian markets. Volatility across major asset classes is low - implied volatility on Wall Street is at its lowest in almost four years, global currency implied vol is the lowest since early last year, and U.S. bond vol is at a two-month low. China's markets, especially, have lagged, although Japanese stocks have outperformed thanks to the weak yen and a historic loosening of wider financial conditions. The Aussie on Monday rose above $0.66 for the first time since Aug. 10 and was one of the biggest winners among major currencies along with the Japanese yen and New Zealand dollar.
Persons: Issei Kato, Goldman Sachs, Michele Bullock, Bullock, Philip Lowe, Bullock's, Fed's Waller, Bowman, Goolsbee, Barr, Jamie McGeever Organizations: U.S ., Nikkei, REUTERS, Reserve Bank of Australia, Hong Kong Monetary Authority, Bank for International, New Zealand, Bank of, RBA, Thomson, Reuters Locations: Tokyo, Japan, U.S, Asia, Hong Kong, Bank of Japan, Australia
A smartphone with the Apple Pay logo is placed on a displayed Google Pay logo in this illustration taken on July 14, 2021. Digital wallets from the likes of Apple (AAPL.O), Google (GOOGL.O) and WeChat developer Tencent (0700.HK) have exploded in popularity but are not captured by Australian payments law. "We are modernising Australia's payments system to ensure it meets the needs of our economy now and into the future," Treasurer Jim Chalmers said in a statement. "We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation and productivity across our entire economy." Regulators are responding to the rapid growth of digital wallets, especially among the young.
Persons: Dado Ruvic, Jim Chalmers, Chalmers, Lewis Jackson, Jamie Freed Organizations: Apple, REUTERS, Rights, Google, HK, Reserve Bank of Australia, Thomson
Andrew Hauser, executive director of markets at the Bank of England, has been appointed the new deputy governor of the Reserve Bank of Australia. Australia on Monday appointed the Bank of England's, or BoE, Andrew Hauser as the new deputy governor of the Reserve Bank of Australia, or RBA, filling a position that had been vacant since Michele Bullock was elevated to the top role two months ago. Hauser, the executive director of markets at the BoE, is expected to start his five-year term before the first RBA board meeting next year. "I am humbled and deeply honored to be asked to serve as the RBA's next Deputy Governor," said Hauser, who is British and has 30 years of experience at the BoE. Hauser has a master's degree in economics from the London School of Economics and a degree from Oxford University.
Persons: Andrew Hauser, BoE, Michele Bullock, Hauser Organizations: Bank of England, Reserve Bank of Australia, Monday, Bank of England's, British, London School of Economics, Oxford University Locations: Australia
A worker is reflected in a wall of the Reserve Bank of Australia (RBA) head office in central Sydney, Australia, March 1, 2016. The bill would implement the recommendations of a review of the Reserve Bank of Australia (RBA) released in April that requires legislation enacted by parliament, Treasurer Jim Chalmers said on Sunday. "We want to ensure Australia's central bank remains world class with a monetary policy framework fit to meet our current and future economic challenges," Chalmers said in a statement. The Treasury Laws Amendment (Reserve Bank Reforms) Bill 2023 will reinforce the RBA's independence from government, including by repealing the power of the treasurer to overrule monetary policy decisions, he said. Chief among them was to split the RBA's board into one for monetary policy and one for governance.
Persons: David Gray, Jim Chalmers, Chalmers, Bill, Renju Jose, William Mallard Organizations: Reserve Bank of Australia, REUTERS, Rights, Australian, Policy Board, Thomson Locations: Sydney, Australia
Asia stocks slip as dovish Fed cheer fades
  + stars: | 2023-11-22 | by ( Tom Westbrook | ) www.reuters.com   time to read: +4 min
But it fell 0.2% in early trade on Wednesday. Nasdaq futures (.IXIC) were down 0.2% and S&P 500 futures fell 0.1% early in the Asia day. They have fallen about 50 basis points since the Fed held rates steady early in the month. It was broadly steady at $1.0921 to the euro and 148.17 yen in early trade on Wednesday. In commodity markets Brent crude futures held just above their 50-day moving average at $82.64 a barrel.
Persons: Tyrone Siu, Naka, Rabobank's, Philip Marey, Jonathan Petersen, Michele Bullock, Changpeng Zhao, Sam Holmes Organizations: REUTERS, Rights, Japan's Nikkei, Nvidia, Nasdaq, Thursday's, Federal Reserve, Fed, Capital Economics, Bank of Japan, Reuters, Wednesday Reserve Bank of Australia, Thomson Locations: Exchange, Hong Kong, China, Rights SINGAPORE, Asia, Pacific, Japan, United States, U.S, Singapore
Passersby wait at a crossing in front of an electronic board showing Japan's Nikkei average outside a brokerage, in Tokyo, Japan, March 17, 2023. REUTERS/Androniki Christodoulou/File Photo Acquire Licensing RightsNov 21 (Reuters) - A look at the day ahead in Asian markets from Alden Bentley, U.S. The benchmark S&P 500 (.SPX) is now less than 2% away from its highest level this year that was reached in July. There are few potential U.S. market moving events this week, besides Tuesday's day early release of the minutes from the Federal Open Market Committee's last meeting. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Androniki, Alden Bentley, Satya Nadella, Sam Altman Organizations: Nikkei, REUTERS, Breaking, Finance, Markets, Reuters, Microsoft, Treasury, Fed, Federal, Reserve Bank of Australia, Bank Indonesia, Kuaishou Technology, Tongcheng Travel, Alden Bentley Our, Thomson Locations: Tokyo, Japan, Alden, U.S, Asia
Nov 20 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. China's latest interest rate decision will be the main focus for Asian markets on Monday, with investors also eyeing third-quarter GDP from Thailand, and trade figures from Malaysia and Taiwan. On Monday, the People's Bank of China is widely expected to leave lending benchmark rates unchanged. All 26 market watchers in a Reuters poll expect the one-year and five-year loan prime rates to be held steady at 3.45% and 4.20%, respectively. It is why Beijing's policy decisions are so important: as long as the interest rate spread remains heavily against the Chinese yuan, these outflows will likely persist.
Persons: Jamie McGeever, Goldman Sachs, Diane Craft Organizations: U.S, Treasury, Japan's Nikkei, Equity, People's Bank of, Reserve Bank of Australia, Bank Indonesia, Bank of, Thomson, Reuters Locations: Thailand, Malaysia, Taiwan, Asia, Japan, People's Bank of China, Bangkok, Bank of Japan, China
A board displaying stock prices is adorned with the Australian Securities Exchange (ASX) logo in central Sydney, Australia, February 13, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsNov 20 (Reuters) - Australian bourse operator ASX Ltd (ASX.AX) said on Monday it entered a deal with TATA Consultancy Services (TCS) <TCS.NS> to design and replace its trading, clearing and settlement system, after months of backlash since pulling a blockchain-based overhaul of the system last year. The estimated cost for the first release of the Clearing House Electronic Subregister System (CHESS) project is between A$105 million ($68.33 million) and A$125 million, to be incurred over multiple years, ASX said. ASX's initial attempt to overhaul CHESS earned rebuke from the Australian Securities and Investments Commission (ASIC) and Reserve Bank of Australia, with the regulators demanding more thorough reporting on plans to update the 30-year-old software. ($1 = 1.5366 Australian dollars)Reporting by Himanshi Akhand in Bengaluru Editing by Chris Reese and Diane CraftOur Standards: The Thomson Reuters Trust Principles.
Persons: David Gray, Joe Longo, Helen Lofthouse, Himanshi, Chris Reese, Diane Craft Organizations: Australian Securities Exchange, REUTERS, TATA Consultancy Services, Australian Securities and Investments Commission, Reserve Bank of Australia, Accenture, TCS, Thomson Locations: Sydney, Australia, Australian, Bengaluru
A worker pushes a trolley loaded with goods past a construction site in the central business district (CBD) of Sydney in Australia, March 15, 2018. REUTERS/David Gray/File Photo Acquire Licensing RightsSYDNEY, Nov 16 (Reuters) - Australia employment rebounded strongly in October, after a soft patch the previous month, though the jobless rate still ticked higher as more people went looking for work and rapid migration boosted the supply of labour. Figures from the Australian Bureau of Statistics on Thursday showed net employment rose 55,000 in October from September, more than double market forecasts of 20,000. The jobless rate edged up to 3.7%, matching forecasts and largely due to a jump in the participation rate back to an all-time peak of 67%. Over the year to October, jobs growth of a healthy 2.8% was still not enough to match labour force growth of 3.8%.
Persons: David Gray, Bjorn Jarvis, Wayne Cole, Kim Coghill, Jacqueline Wong Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Thomson Locations: Sydney, Australia
REUTERS/Loren Elliott/File Photo Acquire Licensing RightsSYDNEY, Nov 15 (Reuters) - Australian wages posted the largest increase on record last quarter as a sharp rise in minimum wages benefited millions of workers, while intense competition among employers pushed up many individual pay deals. Annual pay growth picked up to 4.0%, from 3.6%, the fastest since early 2009 and just above market expectations of 3.9%. "Q3 was a perfect storm for wage pressures," said Sean Langcake, head of macroeconomic forecasting for Oxford Economics Australia. Much of the spike was due to a mandated 5.75% rise in the minimum wage which covers more than two million workers. Wage growth in the public sector accelerated to a 12-year high of 3.5%, while the private sector saw growth of 4.2% as firms fought to recruit and retain workers.
Persons: Loren Elliott, Sean Langcake, Wayne Cole, Tom Hogue, Sam Holmes Organizations: REUTERS, Rights, Australian Bureau, Statistics, Reserve Bank of Australia, Analysts, Oxford Economics Australia, Thomson Locations: Sydney, Australia
Total: 25