Weak spending, wages still worry RBA

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Wages have edged higher in the past year but income growth remains below its long-term average and consumers are still watching their spending as a result, the Reserve Bank says.

Improvements in the business sector and the jobs market pushed household income up by 2.8 per cent in the year to March, the RBA says in its latest Statement on Monetary Policy, released on Friday.

However income growth remains below its 20-year average of about six per cent and the resulting flatline in consumer spending growth – a key economic driver – remains a source of uncertainty for the economy, the bank said.

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