© Reuters. FILE PHOTO: A worker talks on the phone as he pushes a cart loaded with goods through a main street in a shopping area in central Sydney, Australia, November 15, 2017. REUTERS/Steven Saphore
SYDNEY (Reuters) – Australian wages grew at the fastest annual pace in a decade last quarter but still fell short of market forecasts and could ease pressure from further aggressive interest rate hikes, sending the dollar local will go down
Figures from the Australian Bureau of Statistics released on Wednesday showed its Wage Price Index rose 0.8% in the December quarter from the previous quarter, based on forecasts for a 1.0% increase.
Annual wage growth picked up to 3.3%, from a revised 3.2%, but was again below forecasts of 3.5% and a possible relief for policymakers who fear high inflation could lead to a harmful spiral of prices and wages.