Australian Q1 2025 wage price index

+3.4% y/y

• 3.2% was expected, prior +3.2%

+0.9% q/q

• expected +0.8%, prior +0.7%

Wage growth in Australia is still robust. the Reserve Bank of Australia has expressed concern, over and over, that inflation may not have beaten yet. Wage growth is a factor in their reasoning, an important one.

The Bank meets on May 19 and 20. I doubt this data will dissuade them from the expected 25bp cash rate cut.

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Also published were home loans data:

Australia Home Loans Value -1.6% q/q

• expected flat at 0.0%, prior +prev 1.4%

Investment housing finance -0.3% q/q

• while owner-occupier housing finance -2.5% q/q

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AUD update, tiny jump but now back to barely changed at all:

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