The wage price index data in Australia is negative and below expectations.

The Australian Bureau of Statistics released quarterly wage price index data early on Wednesday, revealing that the index grew at the same rate as in the second quarter, which was 0.8% during the third quarter of 2024. Additionally, the wage price index reading was lower compared to market expectations, which predicted a wage growth of about 0.9%. On a year-over-year basis, the growth of the wage price index slowed in the third quarter compared to the same period last year, recording a growth of 3.5%, down from 4.1% in the second quarter, while it was expected that wage prices would grow by about 3.6%. The wage price index in Australia is considered a leading indicator for inflation rates or the consumer price index. When companies pay more money to their employees, these increased costs are reflected in consumer prices. The index measures the change in businesses' and government payments to employees—excluding bonuses—on a quarterly basis.