Latest CBA Wage and Labour Insights reinforce expectations of a wait-and-see approach from the RBA amid a tight but stable labour market.
Tuesday, 10 March 2026 – The latest CommBank Wage Insights series shows wages growth remained stable in early 2026, despite ongoing tight conditions in the labour market.
CommBank’s internal salary transaction data recorded wages rising by 0.7 per cent over the three months to February 2026, slightly softer than the pace seen in November and December. Annual wages growth was steady at 3.1 per cent, where it has broadly hovered since mid-2025.
CommBank Head of Australian Economics Belinda Allen said the data suggests wages have yet to respond to the tightening in labour market conditions through late 2025 and early 2026.
“The CommBank Wage Insights series slowed in February with the quarterly rate easing to 0.7 per cent. The annual rate was steady at 3.1 per cent,” Allen said.
“Our data is not yet showing any response to the tightening in labour market conditions through late 2025 and into early 2026. But there are often lags from when the labour market tightens to wages growth picking up. With concerns over inflation given the rise in energy prices, stable wages growth will give the RBA some comfort over coming months.”