The Australian share market is to drop following Wall St closing in the red as technology shares reversed their gains and energy stocks ran out of fuel as oil prices fell. The data on housing starts in April tumbled 9.5 per cent as the industry faced into soaring prices in lumber and materials which also weighed on investor’s optimism amid the final stretch of earnings season. Oil prices tumbled from its two-month high on reports that the US and Iran are progressing on a deal which would restrict Iran’s nuclear weapons development which if successful, would boost global oil shipments. On the eve of the minutes from the US Federal Reserve, investors continued their rotation out of technology shares and into companies linked to the reopening to the economy as they brace themselves on possible clues on inflation. Across the Atlantic, investors digested the Eurozone’s GDP numbers which dropped 0.6 per cent in the first quarter with unemployment figures down 0.3 per cent in th
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at 12:20 pm on May 19, 2021 | 2 comments
Australian wage growth continued to rebound from record lows in the March quarter of 2021, according to new data released today by the Australian Bureau of Statistics (ABS).
Overall wages grew by only 1.49% in the 2020 calendar year, up from the December quarter’s 1.42% and up from the all-time low of 1.36% recorded in the year to September 2020.
The private sector recorded wage growth of only 1.43% in the year to March 2021, whereas the public service recorded 1.46% wage growth over the year (see next chart).
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Wage growth slowly rebounding.
Aussie wages lift just 1.5 per cent in 12 months
Australian wages have lifted just 0.6 per cent over the past quarter and 1.5 per cent over the past 12 months, new data from the Wage Price Index (WPI) has revealed.
Those in the private sector received slightly more (0.6 per cent) in their paypacket than those in the public sector, which lifted just 0.4 per cent.
Electricity, gas, water and waste services, rental, hiring and real estate services and Arts and recreation services each recorded the lowest quarterly rise of 0.1 per cent.
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Aussie wages rose by a marginal 0.6 per cent over the past three months.(AAP)
Australia Wage Price Index Climbs 0 6% In Q1 forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
Cabinet minsters are at war today over plans to allow cheap Australian food to flood the UK under a new free trade deal.
Trade Secretary Liz Truss wants to give producers from Down Under tariff-free access to UK markets within a decade, saying it will lower costs for consumers.
But she is embroiled in a furious stand-off with George Eustice, the Environment Secretary, who says the move will undercut British farmers.
Two factions have emerged within the Cabinet backing the two senior ministers, with Boris Johnson said to be backing Ms Truss. Lord Frost, the Brexit Minister, and Kwasi Kwarteng, the Business Secretary, are also in her camp.