Australia’s labour market remains resilient, with wages ticking higher and job growth steady, according to Commonwealth Bank’s inaugural ‘Wage and labour insights’ report.

The report draws on de-identified salary flows from around 400,000 CBA accounts to provide an early snapshot of wages and employment trends, offering a timely view of shifting conditions at potential policy turning points ahead of official ABS data.

The CBA Wage Insights shows a 0.8% rise over the quarter and 3.2% over the year, up from 3.1% in October but still below the late-2024 peak of 4.1%. 

CBA Head of Australian Economics Belinda Allen says the slight lift is notable in the current environment.

“The CBA Wage Insights series shows wage growth ticked a little higher in November after recent moderation,” she says.

“While wages growth has still eased over the past year, the slight tick up in November is worth watching, especially when combined with recent higher-than-expected inflation prints and Q3 25 GDP data showing the Australian economy has reached its speed limit.

“If wages continue to strengthen, the risk of rate hikes in 2026 will rise.” 

Western Australia continues to record the fastest wages growth at 4.2%, while the Northern Territory sits at 2.3%.

The CBA Labour Insights estimates around 26,000 jobs were added in November, a slight increase compared with September and October. 

“November’s increase in jobs highlights a labour market that is neither overheating nor weakening. This balance is critical as we look ahead to how wage trends and inflation will shape policy decisions,” says Ms Allen.

She notes that the RBA is paying close attention to labour market dynamics.

“The RBA is closely watching dynamics in pricing and labour market activity,” she says. “We expect the RBA to remain on hold from here but the data flow on inflation and the labour market will be critical.”