Excuse me while I sadly cross off another three months on my “waiting for a wages breakout” calendar.

Before I get to the wages figures, may I pause to note that this month NAB reported a 5% increase in its profits compared with last year, CBA reported a 7% increase in its cash profit, BHP reported annual profit growth of 9% and Rio Tinto recorded a 47% profit increase in the first half of this year.

Let’s just leave those figures there. Maybe think on them as we go on.

Yesterday, the June quarter wage price index figures were released showing that in April, May and June the average growth of wages in the private sector was just 0.7% – the lowest since December 2021. If that pace continued it would equate to an annual growth of just 2.8%:

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I don’t want anyone to get too worried, but that level of wage growth is truly pathetic.

You know what also happened in the June quarter? Yes, the RBA raised interest........

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