Australia Wage Price Index (QoQ) falls to 0.7% in 1Q from 0.8%

According to NAB analysts: “Given the structural adjustment occurring in the [Australian] economy at present, as well as softness in labour market conditions, we still believe the economy would benefit from another 25 bp rate cut this year (November),” the NAB says, adding: “this would take the RBA’s cash rate to 2.50%. However, further deterioration in labour market conditions could see earlier action and possibly more than one cut,” they suggest.