Not yet. That is probably as succinct an analysis of the wages data as we are likely to see. Despite being followed by another robust jobs result, with strong growth in full-time positions and a further reduction in the unemployment rate, the quarterly wages data recorded only the barest uptick in moving from 1.9% to 2.0%. This data for the September quarter will now include the increase in minimum wages passed with effect from July, so expectations had been for a more robust result. In related data, retail sales and consumer sentiment remain soft, though the business community has a much brighter outlook. The NAB survey of Business Conditions started in 1997 and this week reached an all-time high, while the companion Business Confidence continues to indicate positive sentiment in the corporate sector. We continue to expect that will also start to be seen in households and their wages, though we will need to be patient on this front.

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