Wage index on Wednesday and October jobs data on Thursday headline Australia's economic week; unemployment seen steady at 4.7 percent

Two key releases will shape Australia's economic week: the September quarter Wage Price Index on Wednesday, November 18, and the October labour force figures on Thursday, November 19. Markets expect wages to have lifted 1 per cent over the quarter and 3.4 per cent over the year, with economists watching for the impact of the Fair Work Commission's minimum wage increase. The national accounts' state accounts for 2025-26 are also published on Wednesday.

For the October jobs data, the market expects employment to have lifted by 20,000 with the unemployment rate steady at 4.7 per cent. ANZ economists forecast in line with the market, noting that broader trends in the economy suggest some additional easing in the labour market is likely over coming quarters. NAB is also in line, noting the softer September data tested the narrative that higher unemployment has been supported by a labour supply response and higher participation. While the jobless rate is not expected to rise yet, analysts see early signs that retrenchments may be on their way, and central bank governor Michele Bullock is scheduled to speak on a panel during the week.