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Money RBA's Ellis tips wages to grow, eventually

12:31  13 february  2018
12:31  13 february  2018 Source:   msn.com

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RBA assistant governor, Luci Ellis , spoke in Canberra earlier - Australian wage growth could be slower to respond to a tightening labour market - It could be a slower response than in the past ForexLive By Justin Low.

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Dr Luci Ellis.© AAP Image Dr Luci Ellis. The Reserve Bank expects wage growth to pick up eventually even though companies are currently reluctant to raise salaries for fear of becoming uncompetitive.

Employers have cut costs in the face of strong competition but early signs of labour shortages and an inability to further trim margins mean that they will eventually have to raise prices and wages, RBA assistant governor Luci Ellis said in a speech on Tuesday.

Dr Ellis said current enterprise agreements would likely create a lag between labour shortages and wage rises to attract skilled staff, but that firms will eventually have to move on remuneration.

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RBA warns Australian wages will be stagnant until 2020. RBA wage forecasts are not public but the central bank has been talking quite a bit recently about where it expects wages to go. Once spare capacity gets below the tipping point, companies have to make higher pay offers to hire people, pay

The Reserve Bank of Australia ( RBA ) Assistant Governor Luci Ellis was out on the wires last minutes, speaking at a scheduled speech titled "On Lags" at the Australian National Australian wage growth could be slower to respond to a tightening labor market. It could be a slower response than in the past.

"Despite firms' reluctance to raise prices, margins cannot be squeezed forever," Dr Ellis told a conference in Sydney.

"Higher costs will, therefore, boost price inflation over time."

But heightened competition in retail - which has led to the demise of stores including Dick Smith, led to profit warnings from the likes of Myer, and created margin pressures at retailers including JB Hi-Fi - means there is still firm resistance to lifting wages.

"Foreign retailers have entered the local market in recent years and continue to do so," Dr Ellis said.

"This has also induced the existing players to reduce their costs to stay competitive, for example by improving inventory management."

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