The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Wednesday, February 22, 2012

Private sector wages grow fastest in 12 months

From UBS:

* The wage price index (ex bonus) rose by 1.0% q/q in Q4, above consensus (UBS: 0.9%, mkt: 0.8%) and the highest in a year (and above the long-run average of 0.9%). However, this followed Q3 which grew by a much less than expected 0.7% - which was the slowest in two years. The y/y held at 3.6% (UBS: 3.6%, mkt: 3.4%) – the lowest since Q310 – but down from 3.9% in 2010. (Total wages growth including bonuses held at 3.6% y/y in Q4, the slowest since Q210.)

* Private ticked up again to 1.0% - the highest in a year (from 0.9% in Q3 and 0.8% in Q2). This also ticked up the y/y to 3.8% y/y – from a one year low in Q3. Public picked up q/q, but from over a decade low (0.8%, after 0.5%), with the y/y slowing slightly further to almost a decade low of 3.2% (after 3.3%, and 4.0% in 2010).