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With most attention focused on the SSM results, the Wage Prices Index results for the Sept quarter were also announced this morning. Across the nation wages grew by 0.5% q/q for a y/y increase of 2.0% (up from 1.9% for the past few quarters but somewhat below the levels the market had been expecting). The private sector recorded annual growth at 1.9% while the public sector came in at 2.4%.
In Queensland things were rather better. Average wages rose by 2.2% for the year (which was the best result since March 2015) while private sector wages rose by 2.0% (highest since June 2015) and public sector were up by 2.8% (up from 2.4% in the previous quarter).
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