SYDNEY, Aug 17 (Reuters) - Australian wage growth rose at the fastest pace in almost eight years last quarter as red-hot demand for labour drove unemployment to generational lows, yet pay gains still missed forecasts and lagged badly behind inflation.
Figures from the Australian Bureau of Statistics on Wednesday showed its wage price index (WPI) rose 0.7% in the June quarter, under forecasts for a 0.8% increase.
The annual rate picked up to 2.6%, from 2.4%, but again missed forecasts of 2.7%. The private sector saw growth of 2.7%, while the public payroll trailed at 2.4%. (Reporting by Wayne Cole; Editing by Tom Hogue)
