Aussie wages growth all over bar the shouting

From the ABS. Expected was 0.9%.

The seasonally adjusted WPI rose 0.8% this quarter and 4.1% over the year.
The private sector rose 0.8% and the public sector rose 0.5%, seasonally adjusted for the quarter.
The largest industry contributors to quarterly wage growth were Professional, scientific and technical services (0.7%), Education and training (0.8%), and Construction (0.7%).

Private sector is going to roll harder ahead:

And dispersion is betting belted:

Annualised 3.2% is heavy real wage falls for the quarter and year.

With private surveys showing all these measures plummeting in Q2, this inflation scare is over as services give way next:

The RBA is on the verge of overcooking its tightening as mass immigration destroys wages, forcing Australia back into another lost decade.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.