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They also see a 33% chance the RBA could surprise with a quarter-point hike as soon as next week, after a hot inflation report for April. COST OF LIVING CRISIS FWC President Adam Hatcher said the commission was confident that the decision would not cause or contribute to any price-wage spiral. "We are confident that the increase we have determined will make only a modest contribution to total wages growth in 2023-24," said Hatcher, adding that the move would benefit part-time and predominately female workers.

Today’s AUD/USD outlook is bullish. An increase in the minimum wage fueled expectations for the RBA to raise rates again next week.

Bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.

The Australian Financial Review’s survey of 36 economists puts the first post-pandemic rate cut in play by February 2024, a quarter tip it could happen this year.

Annual inflation has slowed from 7.4% to 6.8% in a month, raising prospects that the RBA decision next week will be to pause rate hikes.