Australia Raises Minimum Wage 5.75%, Boosting Rate-Hike Pressure.

"The extremely tight labor market, rising wages and elevated unit labor costs are more pressing for policy consideration and by the bank's own admission, the current cash rate is not overly restrictive. RBC's Ong said the 5.75% increase for award-linked pay will add 0.4-0.5 percentage points to the wage price index in the third quarter, pushing it above the RBA's 4% forecast. [Extracted from the article]