Australia rate hike brought nearer by inflation, wages

SYDNEY: Australia's central bank is nearer to raising interest rates for the first time in more than a decade as inflation accelerates and a tightening labour market nudges wage growth higher, minutes of its April policy meeting showed on Tuesday.

The Reserve Bank of Australia's (RBA) Board saw core inflation lifting above the bank's 2-3% target range in the March quarter and more firms were expecting to pass on price rises to consumers. Wage growth was still lagging but likely to pick up as the unemployment rate fell to 4% and below.