The big news that moved financial markets last week was the September quarter wage price index. Despite the Fair Work Commission approving a larger-than-usual increase of 3.3% in the minimum wage on 1 July, the wage price index rose just 0.5% in the quarter, the same as in the June quarter, so that annual growth nudged up just 0.1% to 2.0%. Markets interpreted this result as weak and with a fall in consumer sentiment, saw markets push out any possibility of a cash rate move by the RBA even further – interest rates, equities and the Australian dollar all fell last week.
Rural Bank invites you to join with us in celebrating the inaugural National Agriculture Day on Tuesday, 21 November 2017. The story of the Australian agricultural sector spans our history as a nation: agriculture has helped shape our country, our regional and rural communities, and continues to play a vital role in our economy and our place on the global stage.