RBA sees subdued wage growth ‘for some time’
Australian central bank held cash rate at 2.5%
Labour market conditions in Australia have improved "a little" in the past six months, but wage growth will "likely remain subdued for some time", according to the Reserve Bank of Australia board.
The central bank held its cash rate at 2.5% on July 1, with GDP growth "slightly below trend" and inflation "expected to remain within the target [of 2–3%]".
Minutes from that meeting show the board discussed the latest national accounts data, which they believe "indicated that unit labour costs were
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