The Reserve Bank of Australia is facing a federal government review, and we found one good reason for it – wages growth data has come from a source that an expert called not 'statistically valid'.
"It would not be what you would describe as statistically valid."
"Even that, total employment is many millions of people, so it's very small sample size," Mr Eslake said in response to Kehoe's comments. But the bank admitted that "contacts are asked how much they were raising wages by" and they "don't ask for documentary evidence of actual wages paid".But on examination of the surveys used, it is questionable whether their results — which informed the bank's decision to raise interest rates in May — show any evidence of strong wage growth.But it measures the number of businesses lifting wages — not the size of those pay increases.
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