More:

• Private sector wages (excluding overtime) +2.2% y/y (expected +2.3%) and +0.6% q/q (expected +0.6%)

I posted a (really) brief preview of this earlier, giving a heads up to an expected rise in unemplpyment, which didn’t happen, and a lower expected y/y wage growth result, which did. The data is unlikely to change market pricing too much for an expected upcoming rate cut from the Reserve Bank of New Zealand at its next meeting, August 20.

—

In unrelated news, New Zealand’s government has annnounced it’ll replace petrol tax with road user charges. Intends to pass the legislation in 2026.