Wage growth refuses to budge, RBA’s Lowe says
Governor notes employment levels have improved and will continue to improve over the policy horizon
Employment is on the up in Australia, but the slow pace at which unemployment is decreasing and low wage growth is preventing the nation’s central bank from raising interest rates.
“Further progress in reducing unemployment and having inflation return to target is expected, although this progress is likely to be gradual,” Philip Lowe said in his latest monetary policy statement, after the central bank kept interest rates on hold at 1.5%.
In his statement, the Reserve Bank of Australia
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