Australia Wage Price Index (WPI) y/y represents the change in the average wage level in public sector and private enterprises, in the reported quarter compared to the same period of the previous year.
The WPI measures changes over time unaffected by changes in the quality or quantity of work performed. The calculation methodology provides for protection from the impact of structural changes in the labor market.
The index is calculated based on the results of a survey of approximately 3,000 Australian businesses. Wage data relating to about 18,000 matched jobs are collected from the selected employers. The survey covers data from private and public sector employing organizations, except companies engaged in agriculture, forestry or fishing, private households employing staff and foreign embassies. WPI reflects data on the target population of employers, except defense force jobs, proprietors of unincorporated businesses and some other persons. The index covers full-time, part-time, permanent and casual jobs.
The Wage Price Index takes into account payments made to employees not affected by overtime payments, bonuses and allowances. The elements of negative motivation (penalties) are also excluded from the calculation. The index is calculated in relation to a certain reference period (currently it is the period of 2008/2009).
The Wage Price Index is a leading indicator of consumer spending. Also, it is one of the key indicator of inflationary pressure om wages. Therefore, the WPI is used by the Reserve Bank of Australia as one of the preferred data sources in assessing the monetary policy effectiveness.
The indicator reading growth can have a positive effect on the Australian dollar quotes.
The chart of the entire available history of the "Australia Wage Price Index y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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