Hence, I still view the unemployment rate as the most useful summary indicator of the state of the labour market. https://www.rba.gov.au/speeches/2018/sp-dg-2018-10-17.html  7/13  10/17/2018  The State of the Labour Market | Speeches | RBA  Graph 6  Wages Given this spare capacity in the labour market, wages growth has been subdued.
The RBA monitors a range of available measures of labour costs as they each capture a slightly different concept of wages growth. The wage price index (WPI) measures the change in the average hourly wage rate for a given job compared to the same job in the previous period (excluding any changes to the nature of the job).