This week's jobs data suggests the labour market is still pretty tight, and may even be tight enough to rouse wage growth from its long slumber.

Employment growth slowed to 1.5 per cent, continuing a softening trend, but that was still enough to keep the unemployment rate trending lower, to 4.2 per cent, even with a high labour force participation rate of 70.4 per cent.

And the level of employment — as measured by the employment rate or proportion of people over 15 employed — was 67.5 per cent. While that is off its peak six months ago, it