Wage inflation surges
Lagging the stimulus of 2020 and 2021 by 18 months, wage inflation finally took off in the June quarter, but it's a lagging indicator so wholesale interest rates actually fell
TLDR: Private sector wage inflation jumped more than expected in the June quarter to 7.0% from a year ago, almost matching CPI inflation. But unemployment nudged higher because of a fall in workforce participation and flat employment growth. The combination meant wholesale interest rates didn’t rise.
Actually, a couple of banks cut their fixed mortgage …
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