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Australia Labour Market (Jun.)

The labour market continued to tighten in June and while the lockdown in New South Wales may result in some bumps over the next couple of months, we expect wage growth to accelerate soon.
Marcel Thieliant Senior Japan, Australia & New Zealand Economist
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Minimum wage to rise by 4% this year

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More from Marcel Thieliant

Australia & New Zealand Economics Update

New Zealand- End of asset purchases signals rates will rise soon

The RBNZ today sent a hawkish signal by announcing the end of its bond purchases. While we currently expect the Bank to start hiking rates in May next year, the risk is that it will happen earlier.

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Higher vaccine supply will render lockdowns obsolete

With the virus outbreak in New South Wales going from bad to worse we’re pencilling in a marked slowdown in Q3 GDP growth. However, given that deliveries of the Pfizer vaccine have been brought forward and more people are now encouraged to take the AstraZeneca one, we still expect most adults to be vaccinated by year-end so lockdowns should become a thing of the past before long.

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Japan Economics Update

GDP to rebound in Q3 despite restrictions in Tokyo

While new infections in Tokyo have picked up, the fourth state of emergency in the capital is partly a political move designed to placate fears that the Tokyo Olympics will trigger yet another virus wave. With the health situation in other prefectures less problematic and the bulk of the elderly vaccinated by the end of the month, we assume that other prefectures will stick to light touch quasi-emergency measures.

12 July 2021
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