Daily Flows

• Yesterday, S&P downgraded Queensland’s credit rating from AA+ stable to AA+ negative, leaving QTC bond yields likely to widen as this adjustment feeds into pricing.
• Term deposit rates are expected to remain relatively stable, with the economic outlook clarified by recent data and the RBA Statement on Monetary Policy (SOMP).
• Investors are continuing to flock to foreign branch banks in search of higher margins. Contact your Curve representative to take advantage of State Bank of India (A-3/BBB-) offering 3mBBBSW +60 for 3 months.

Wage Growth Eases in Q4 2024

• The seasonally adjusted wage price index increased by 3.2% year-on-year in Q4 2024, down from 3.6% in the previous quarter, and in line with market expectations.
• Public sector wages growth continued its downward trend, recording the softest growth since Q1 2022.
• Private sector job growth moderated, also indicating some softening in the labour market.
• Yesterdays data will be complemented by labour force data today, with the unemployment rate expected to tick up. This time of year typically brings volatile results as many people change roles.