Back in February, one or two excitable commentators suggested Australia had "turned the corner" on wages growth in the December quarter. If that was the case, we certainly went back around it again in March, with another shocker of a result delivered today.

According to the Australian Bureau of Statistics, wages grew overall by 0.5% for a 2.1% annual growth rate -- the same as in the December quarter. But in the march quarter, public sector wages growth -- the reason for the tiny uptick at the end of last year that got optimists excited -- declined slightly to 0.5%/2.3%. The rest of us in the private sector are stuck in neutral, with unchanged growth of 0.5% and 1.9% for the year.