*Australia Unemployment Rate 5 1% In May; 115,200 Jobs Added forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.
Employment in Australia Now Exceeds Pre-COVID Levels
Reserve Bank of Australia (RBA) has forecasted that Australia will reach full employment in two years following better than expected unemployment figures and 12-year high levels of job ads.
In today’s board meeting, the RBA upgraded its economic forecast while keeping the cash rate at near zero percent which will remain at current levels until “2024 at the earliest.”
“The economic recovery in Australia has been stronger than expected and is forecast to continue,” Lowe said. “This recovery is especially evident in the strong growth in employment, with… the number of people with a job now exceeding the pre-pandemic level.”
Unemployment Rate Needs to Start With a Four: Treasurer
The Australian government will not be making a sharp pivot towards austerity despite the strengthening economy because the nation is “not out of the pandemic yet,” says the Treasurer.
Treasurer Josh Frydenberg used the pre-budget speech on Thursday to reveal the shift in budget policy to focus on job creation and reducing the unemployment rate to below five percent.
Massive fiscal spending programs to protect the economy during COVID-19 brought the level of federal government debt to a point where it may take a decade before it starts to decline.
However, Frydenberg said they would not begin tough austerity measures to repair the budget because COVID-19 still posed a threat to the global and Australian economy.
Aussie rises on solid job numbers - MarketPulse marketpulse.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from marketpulse.com Daily Mail and Mail on Sunday newspapers.
*Australia Unemployment Rate 6 4% In January; 29,100 Jobs Added forextv.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forextv.com Daily Mail and Mail on Sunday newspapers.