Seek wages roll over

Sadly, Albo’s cowards have stopped wage growth in its tracks thanks to their mass immigration surge:

Expect it to continue to fall back as the tsunami of cheap foreign labour does its thing.

As CBA said yesterday:

The CBA Wage Indicator suggests wages pressures in the economy have taken time to emerge. Indeed our data more accurately captures what is happening in the economy than business surveys and business liaison as it measures actual dollars paid into a matched sample of ~275k CBA bank accounts.

We are able to track wages inflation because we apply a strict criteria to the accounts we include in our sample each month to account for people moving jobs, receiving a bonus or modifying hours worked in any material sense. We also take into account changes in tax rates or levies.

Our data indicates that wages growth was travelling at 3.0%/yr in September. Australia is not facing a wage price spiral like is being observed in some other jurisdictions. This is a key dynamic that gave the RBA comfort to slow the pace of tightening down at the October Board meeting.

The SEEK index is not a bad guide either:

There is no labour in Albo’s Labor cowards.