Wage growth hits new 18-year low

Wage growth has hit a new 18-year low, adding to pressure on the Reserve Bank of Australia to follow its recent cut to the cash rate with another one in August.

The Australian Bureau of Statistics said on Wednesday that the seasonally adjusted wage price index rose a mere 0.4 per cent in the March quarter this year, for a year-on-year rate of 2.1 per cent.