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Australia : Australia's Q1 wages growth disappoints, bolsters lower-for-longer rates view

May 16, 2018 (Euclid Infotech Ltd via COMTEX) --

Australian wages rose a feeble 0.5 per cent last quarter and private-sector growth stayed near historic lows, a disappointing outcome that risks putting a lid on spending and restraining already tepid inflation.

The local dollar slipped 0.4 per cent to US$0.7447 as the data cemented views that the Reserve Bank of Australia (RBA) will hold rates at a record low 1.50 per cent for a prolonged period as it awaits a revival in consumer prices.

Wednesday's figures from the Australian Bureau of Statistics showed the wage price index rose 0.5 per cent in the three-months ended March, from the previous quarter, lagging expectations for a 0.6 per cent increase.

Growth for the December quarter was also revised lower to show a gain of 0.5 per cent.

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