Australian wages are growing at their fastest pace since 2018, but are still lagging well behind the rate of inflation.
There is likely to be further bad news for borrowers when the RBA holds its monthly board meeting in June, with economists expecting at least a further 25 basis point increase in the cash rate. Prime Minister Scott Morrison concedes inflation is a challenge, but is optimistic wages are going up because unemployment is coming down.
Ballooning inflation and an expected rapid rise in interest rates is likely to take the edge off economic activity this year.
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