Australian markets decline for third consecutive session

Australian markets fell for a third consecutive session amid a broad selloff. The benchmark S&P/ASX 200 dropped 0.75 percent to 8,193.40 despite Commonwealth Bank of Australia reporting first-quarter cash earnings slightly ahead of market consensus. The broader All Ordinaries index closed 0.76 percent lower at 8,450.90.

The wage price index in Australia was up a seasonally adjusted 0.8 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday.

That was unchanged from the previous three months, although it was shy of expectations for an increase of 0.9 percent.

Both the private sector and the public sector rose 0.8 percent for the quarter.

 

The largest industry contributors to quarterly wages growth were healthcare and social assistance (+1.7 percent), retail trade (+2.1 percent), and administrative and support services (+2.1 percent).

On a yearly basis, wage prices were up 3.5 percent, down from 4.1 percent in the second quarter.

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