澳大利亚第一季度工资同比增长加速至3.4%，公共部门领涨。澳大利亚第一季度工资价格指数环比上涨0.9%，略高于0.8%的市场预期。公共部门的季度环比增长1.0%，超过了私营部门0.9%的季度环比增幅。

Australian wage growth accelerates to 3.4% yoy in Q1, led by public sector.Australia's Wage Price Index rose by 0.9% qoq in Q1, slightly above market expectations of 0.8% qoq. Public sector saw a stronger 1.0% qoq gain, outpacing the 0.9% qoq rise in private sector.

惠誉评级表示，澳大利亚银行业绩显示出韧性。惠誉评级表示，澳大利亚银行的业绩显示出韧性，并支持其目前的评级。简而言之：预计2025年澳大利亚银行的盈利逆风将继续，盈利可能会大致稳定。随着利率的下调，净息差（NIM）可能会在2025年和2026年进一步收缩。

Fitch Ratings says Australia's banks' results show resilience.Fitch Ratings' says Australia's banks' results show resilience and support their current ratings. In brief: expect earnings headwinds to continue for Australian banks in 2025 earnings are likely to be broadly stable net interest margins (NIM) are likely to contract further in 2025 and 2026 as interest rates are cut.

周三，澳大利亚10年期政府债券收益率攀升至4.5%以上，达到一个多月来的最高水平，此前公布的工资通胀数据强于预期。第一季度的年薪增长率从上一季度的3.2%上升到3.4%，超过了3.2%的预期。在下周的政策会议之前，工资增长的强劲给澳大利亚储备银行带来了压力，使人们对一些经济学家预测的大幅降息50个基点的可能性产生了怀疑。尽管如此，投资者仍对25个基点的小幅降息保持完全定价。国内收益率也受到风险情绪改善的支撑，因为美中贸易战的暂时停止缓解了对全球经济衰退的担忧。与此同时，在美国，低于预期的消费者通胀数据支持了美联储放松政策的理由。

Australia’s 10-year government bond yield climbed above 4.5% on Wednesday, reaching its highest level in more than a month, following stronger-than-expected wage inflation data. Annual pay growth rose to 3.4% in the first quarter from 3.2% in the previous quarter, topping forecasts of 3.2%. The strength of wage growth adds pressure on the Reserve Bank of Australia ahead of its policy meeting next week, casting doubt on the likelihood of a significant 50bps rate cut, which some economists have projected. Still, investors remain fully priced for a smaller 25bps cut. Domestic yields also received support from improving risk sentiment, as a temporary halt in the trade war between the US and China eased worries of a global recession. Meanwhile, in the US, softer-than-expected consumer inflation data bolstered the case for the Federal Reserve easing.

周三，澳元攀升至0.648美元上方，连续第二个交易日上涨，因为美元在低于预期的美国通胀数据后走弱。在美国和中国同意在90天内降低关税后，全球贸易情绪的改善进一步支持了这一举措，缓解了对长期经济紧张的担忧，并帮助推高了大宗商品价格。鉴于澳大利亚严重依赖中国的出口，特别是在原材料方面，当地货币对美中贸易动态仍然高度敏感。在国内方面，数据显示，澳大利亚第一季度工资增长超出预期，而住房贷款批准下降，经济背景喜忧参半。展望未来，人们普遍预计澳大利亚储备银行将在下周的会议上降息25个基点，因为它在全球不确定性中继续支持经济增长。

The Australian dollar climbed above $0.648 on Wednesday, marking its second consecutive session of gains, as the greenback weakened following softer-than-expected US inflation data. The move was further supported by improving sentiment around global trade after the US and China agreed to lower tariffs for a 90-day period, easing fears of prolonged economic strain and helping lift commodity prices. Given Australia’s heavy export reliance on China, particularly in raw materials, the local currency remains highly sensitive to US-China trade dynamics. On the domestic front, data showed Australian wage growth exceeded expectations in the first quarter, while home loan approvals declined, offering a mixed picture of the economic backdrop. Looking ahead, the Reserve Bank of Australia is widely expected to cut interest rates by 25 basis points at its meeting next week, as it continues to support growth amid global uncertainties.