SYDNEY, Aug 17 (Reuters) - The New Zealand dollar rose on Wednesday after the country's central bank hiked interest rates as expected and warned it would have to bring forward future tightening to head off inflation, a hawkish outcome that hammered bonds.

The kiwi dollar firmed 0.2% to $0.6356 and away from the week's low of $0.6318, but met resistance above $0.6380.

The Australian dollar lagged behind at $0.7001 after wage data missed forecasts and led the market to lengthen the odds on another half-point rate hike in September.

In contrast, the Reserve Bank of New Zealand (RBNZ) not only raised its cash rate (OCR) by 50 basis points to 3.0% but also lifted its projection for the peak in rates to 4.1% from 3.9%.

It now sees rates at 4.0% by early next year, compared to a previous projection of 3.7%, and markets were quick to price in the more aggressive outlook.

Bank bill futures for March slid 13 ticks to 95.76, while two-year swap rates rose 7 basis points to a three-week top of 3.98%.

"It's hawkish compared to expectations, in both raising the OCR track and the tone," said Imre Speizer, head of NZ Markets Strategy at Westpac.

"They're more worried about the labour market, that's sticking out. They put a new sentence in there to say inflation remains too high and the labour market remains too tight."

In Australia, data on wages disappointed with an annual rise of 2.6% compared to forecasts for 2.7% and market wagers on an even stronger number.

Investors reacted by trimming the chance of a hike of 50 basis points in the 1.85% cash rate at the Reserve Bank of Australia's (RBA) September meeting, though it could still go either way.

"The annual pace of wages growth is very modest considering the tightness in the labour market," said Gareth Aird, head of Australian economics at CBA. "The RBA is not facing a wage-price spiral like is being observed in some other jurisdictions."

"There is a clear risk the RBA does not hike the cash rate by 50bp at the September Board meeting and instead increases the cash rate by 40bp or 25bp." (Editing by Shri Navaratnam)