Wage growth in Australia decelerated to 0.8% in the first quarter, falling short of analysts' expectations of 0.9%. This slowdown, along with persistent inflation above the Reserve Bank's target range, suggests challenges for monetary policy, with the possibility of a rate cut diminished despite ongoing tightness in the job market.
At 11:30am, the S&P/ASX 200 is 0.53 per cent higher at 7,767.80.
The SPI futures are pointing to a rise of 37 points.
Best and worst performers
The best-performing sector is Materials, up 1.26 per cent. The worst-performing sector is Energy, down 0.54 per cent.
The best-performing large cap is Pro Medicus (ASX:PME), trading 4.15 per cent higher at $117.87. It is followed by shares in BHP Group (ASX:BHP) and Cochlear (ASX:COH).
The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 1.88 per cent lower at $5.495. It is followed by shares in Mercury NZ (ASX:MCY) and Worley (ASX:WOR).
Commodities and the dollar
Gold is trading at US$2361.60 an ounce.
Iron ore is 1.9 per cent lower at US$115.05 a tonne.
Iron ore futures are pointing to a 1.3 per cent fall.
One Australian dollar is buying 66.31 US cents.
