Wage pressures in Australia appear to have remained subdued in the second quarter of this year, with an official labor cost index rising just 1.1% from the previous three months.
The quarterly increase in Australian wages excluding bonuses contributed to a 4.0% annual growth rate in the labor cost index.
The second quarter result was only slightly above market expectations that centered on a rise of 1.0% but unchanged from the first quarter growth rate.
Bond and foreign exchange markets ignored the result, which supported widely held expectations that official interest rates are to remain unchanged at 5.5% amid a benign inflationary climate described last week by Reserve Bank of Australia Governor Ian Macfarlane as “nirvana".
In the private sector, wages excluding bonuses rose 1.1% in the second quarter from the first quarter and rose 3.8% from a year earlier, the Australian Bureau of Statistics said in a statement. Public-sector wages rose 1.0% in the quarter and increased 4.7% from a year earlier.
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Australia’s job vacancies unexpectedly fell by 3.9 per cent in the three months to August, suggesting employment growth in its robust economy could be slowing.
The vacancy figures, released on Thursday by the Australian Bureau of Statistics, fell for the second successive quarter and defied some market forecasts that demand for labour would increase.
Australia’s resource-rich economy is benefiting from strong terms of trade, driven by industrialising Asia’s hunger for minerals. Australia’s labour market has added more than 400,000 jobs in the year to June.
But economists say despite the surprise weakening in labour demand, the economy is still creating jobs, albeit at
Northern Ireland's hotel and tourism sector must invest in staff training if it is to compete internationally, according to new research.
The study of hotel front office workers was conducted by Professor Tom Baum of Strathclyde University and Frances Devine of the University of Ulster.
It found low wages, limited promotion prospects and low levels of employer investment in training.
These combine to offer "unstable prospects" for workers, the study says.
Among the findings of the research was that the average weekly wage for hotel front office workers was £210, which is just above the national minimum wage.
More: news.bbc.co.uk
New Zealand have called Shontayne Hape into their side as they look to secure their second win over Australia inside a week in Friday's Tri-Nations Test.
Motu Tony comes in at hooker and David Solomona starts in the second row, while Tony Puletua and Iafeta Palea'aesina both make the bench.
Australia have called up centre Matt Cooper to replace the injured winger Timana Tahu.
Brent Tate will switch to the wing, with Cooper coming in at centre.
Trent Barrett and Mark O'Meley are named on the bench, with Andrew Ryan and Craig Gower both missing out.
Feature: Under pressure
Australia's
Australia's growth is at risk if world commodity prices weaken significantly before domestic demand rises in line with a recovery in the domestic housing market, Access Economics said.
The private economics research firm's quarterly business outlook said Australia will continue to earn significant income from resource exports, but the underlying risks are if commodity prices fall ahead of the expected housing upturn in 2007.
Access economists said Australia has a 'two track' economy, with housing prices remaining flat but commodity prices still strong.
It said this is clearly represented at a state level, where New South Wales is flat
Michael Vaughan v Ricky Ponting
In terms of personal form, there is little to choose between the two captains. Neither has consistently convinced, but both showed their class with outstanding centuries at Old Trafford. On the captaincy front, Vaughan has the edge. Aided by his superb attack, the England skipper has seemed a step ahead of the game tactically and has conducted himself well. Ponting looked composed until the pressure began to tell at Trent Bridge. Some of his tactical decisions were questionable and his outburst after being run out opened the cracks for all to see.
Marcus Trescothick v Matthew Hayden
Trescothick
