Australia news live: Jim Chalmers says revisiting stage-three tax cuts ‘hasn’t been a priority’ of this budget

Wages and jobs data expected this week

The Australian Bureau of Australia’s wage price index for the March quarter, scheduled for release on Wednesday, is tipped to reveal strong growth underpinned by strength in the labour market.

The Reserve Bank remains wary of wages and prices becoming stuck in a feedback loop, but its most up-to-date forecast includes wages growth peaking at 4% – a level consistent with its plan to tame inflation.

While workers have enjoyed larger sums landing in their bank accounts, extremely high inflation has robbed Australians of a real wage rise.

Inflation was running at 7.8% in the December quarter and 7% in the March quarter, leaving wages growth trailing far behind.

On Thursday, the national statistics bureau is due to release its April jobs report, which might finally show the jobs market weakening in line with forward-looking indicators like job vacancies.

Also of note will be the release of the Reserve Bank’s board meeting minutes after its May interest rate hike, which surprised many.

RBA governor Philip Lowe has since spoken publicly about the decision so the minutes, due on Tuesday, are unlikely to contain major revelations.

Also on Tuesday, the ABS will release overseas migration data and Westpac and Melbourne Institute will drop their consumer confidence survey.

– AAP