Australia's Wage Decision and Final Q1 2026 GDP Estimate

ANZ provides an update on Australia's economy following a 6% minimum wage hike and finalized Q1 GDP growth of 0.5%. While Q1 was solid, ANZ expects growth to slow throughout the remainder of 2026.

Key Takeaways

• 1.The Fair Work Commission announced a 6.0% National Minimum Wage increase and a 4.75% award wage increase, but ANZ does not see this materially altering the macro outlook.
• 2.ANZ has finalized its Q1 2026 GDP forecast at 0.5% q/q (2.6% y/y), driven by business investment offsetting weak exports.
• 3.Australia's current account deficit has widened to its largest share of nominal GDP since June 2016, reaching $27.1bn.

Table of Contents

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• Australia's wage decision and final Q1 2026 GDP estimate
• Important Notice

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