Australian wages excluding bonuses rose 0.7% in the third quarter of 2009 from the second quarter and rose 3.6% from a year earlier, Australian Bureau of Statistics labour price data show.
Economists surveyed ahead of the announcement on average forecast a rise of 0.7% over the quarter and 3.6% from a year earlier.
The index measures movement in underlying wages by calculating the change in the wage and salary cost of a basket of jobs.
The Reserve Bank of Australia flagged further gradual increases in interest rates, but said it is unsure how quickly it will make the policy adjustments.
The comments are likely to raise doubts about whether the RBA will continue to raise rates at its next policy meeting Dec. 1, leaving economic data issued since the November meeting as crucial in determining the need for a hike in December.
Australian consumer confidence fell in November for the first time since May, the mood soured by rising interest rates and a higher gasoline prices. But Bill Evans, chief economist at Westpac, said the fall in sentiment was modest given that it follows consecutive interest rate increase.
The total number of Australian houses and apartments approved for construction rose a seasonally adjusted 2.7% in September from August, the Australian Bureau of Statistics said.
Economists had expected on average that total residential building approvals rose 2.0% from the month before. Private-sector house approvals rose a seasonally adjusted 0.3% from a month earlier and rose 18.6% from a year earlier, the ABS said.
Australian retail sales fell 0.2% to a seasonally adjusted $19.72bn in September from $19.75bn in August and rose from $18.60bn a year earlier, the Australian Bureau of Statistics said.
Economists surveyed ahead of the announcement on average had expected a 0.4% rise in sales for September. Sales had risen 0.7% in August on month.
Australia's central bank raised interest rates for the second time in as many months as a rapidly improving economic outlook called for a further gradual withdrawal of emergency policy settings.
In a busy week of central bank meetings around the world, the hike affirms the Reserve Bank of Australia's willingness to act alone and tighten policy settings while rates in other Group of 20 economies remain stuck at close to zero.
The price-to-earnings ratio (PE) is a popular measure of company values. It is a mathematical calculation that takes a company’s share price and divides this by the company’s earnings.
In simple terms, the PE ratio is a payback calculation that measures how many years it would take, in company earnings, to recoup the price paid for a particular share in that company. The lower the PE ratio the cheaper the share is in theory. The higher the PE ratio the more expensive the share is in theory.
An extended contraction in lending to Australian business deepened in September, adding to concerns about the health of the sector and arguing for the Reserve Bank to approach raising interest rates cautiously.
Business credit fell by a seasonally-adjusted 1.3% in September from August, the eighth consecutive monthly decline, and its biggest one-month fall since December 2008, according to data provided by the RBA Friday.
Inflation concerns have returned to the top of the Reserve Bank of Australia's priority list, with the central bank likely to revise up forecasts for inflation and economic growth in early November, which would boost expectations of further interest rate hikes.
In minutes of the central bank's Oct. 6 policy meeting the RBA said rising concerns about inflation triggered its decision to raise rates by one quarter of a percentage point to 3.25% this month.
Australian consumer confidence rose in October from September for the fifth consecutive month, shrugging off the Reserve Bank of Australia's interest rate rise of last week.
The Westpac-Melbourne Institute's index of consumer sentiment released rose 1.7% to 121.4 points in October from 119.3 points in September in seasonally adjusted terms.