AUD: Wage price index and construction work done print weak numbers - TDS

Analysts at TDS note that Australia’s Q4 Wage Price Index came at +0.5%/qtr, maintaining its record low of +1.9%/yr, consistent with TD’s and the market forecast.

Key Quotes

“There was little chance that wages were likely to rise given the part time/full time split and hours worked.”

“Q4 Construction Work Done dipped –0.2%/qtr, the weaker print led by Engineering (ie mining) -2.2%. Non-residential was positive at +1.8% after weather induced a –10.9% decline in Q3. The market is unlikely to make any revisions to its GDP forecasts on the back of this release.”