Australia's unemployment rate is now among the worst in the developed world and heading in the wrong direction with expectations growing the Reserve Bank of Australia will slash official rates below 1 per cent by Christmas.
Since December, Australia's unemployment rate has increased 0.2 percentage points to 5.2 per cent. But it has fallen across the rest of the OECD, including by 0.3 percentage points in the eurozone and by 0.2 percentage points across the European Union. Getting to such a low level of unemployment is expected to take deep cuts in official interest rates with financial markets now fully pricing-in 0.75 per cent by the start of next year.took the cash rate to a record low 1.25 per cent
"The loss of momentum is apparent in private demand, which has barely grown over the past year, and more timely indicators, such as the NAB business survey and internal data, which point to a weaker labour market and entrenched weakness in spending." Mr Langford said while the Morrison government's planned income tax cuts - the first tranche of which are supposed to deliver up to $1080 to middle and low income earners from next month - would help households, they were not enough on their own."You've got high household debt levels, and you've got most people who aren't going to cut their repayments if there is an interest rate cut, so it's getting really difficult at the moment," he said.
The looming recession has been hastened by retirees and investors tigjtening their belts after the Labor Party scared the living daylights out of them with their aggressive tax campaign. The Liberals won the day but the aging boomers won't let down their guard.
Because rate cuts worked so well before. We didn’t even start normalising ffs and now a new cutting cycle. There will be a day when the central banks run out of ammo and we’ll still be in the s***.
As I have said before in this place. This mob would won't full employment like a hole in the head. Mr Cormman said that the Libs had purposefully kept wages low. In other words they new it would affect employment and encouraged it. High unemployment low wages. Wake up Aus.
Australian Bureau of Statistics: Labour Force figures for the month of May. The participation rate in the country is at an all time high of 66%. Hmm, More jobs, more growth and more opportunities for everyday Australians PM Morrison 2019
Their all lies anyway unemployment is another 6% higher than what they are telling you
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