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Australian Wage Price Index up by 0.6%

Wednesday, Aug 12 2015
Wage Price seasonally adjusted index for Australia rose 0.6% in the June quarter 2015, in line with market forecasts. The Private sector rose 0.5% seasonally adjusted, and the Public sector rose 0.7%. The rises in industry indexes (in original terms) ranged from 0.1% for Rental, hiring and real estate services to 0.8% for Financial and insurance services.
 
Separate report on Westpac Consumer Sentiment showed 7.8% increase. Despite the gain, the August reading is below the 100 level where positive and negative survey responses are evenly balanced, and remains below its 20 year average. Westpac chief economist Bill Evans said the large rise was "a very surprising result" usually associated with major events like federal budgets or interest rate changes.
 
Easing worries about Greek debt and Chinese stock market volatility, plus booming home prices, drove the rise, he said. Confidence grew particularly among homeowners and those paying off a mortgage, Mr Evans said. But he doesn't see the boost in consumer confidence continuing. "I expect that this current rally will equally prove to be unsustainable particularly given a resurgence of concerns around China and the evidence last week that the unemployment rate lifted to 6.3 per cent," Mr Evans said.
 
Despite the figures Aussie continued its downtrend currently being traded around 0.7250 level. Pair is likely to find support around 0.72 handle and resistance above 0.7280 area. Later today, China's Industrial Production figures are scheduled for a release.
More in this category: « US productivity rose 1.3% China's Industrial Production fell to 6.0% »

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