There’s no stopping the unemployment rate after hitting 6%, the highest it has been in 10 years. Economists warn that this is just the start, as the nation will possibly see the rate climb higher. Treasurer Joe Hockey was quick to point the finger at the Labour government for having failed to meet job demands during its tenure.
The Reserve Bank’s decision to keep the interest rates at a record 2.5% is keeping the economy stable, as signs of increased consumer activity are observed in the housing sector. The unemployment rate is no surprise to economists, as they expect this to go higher as a portion of the economy relied on the mining sector. The nation is expected to move forward to a non – mining economy.
Read more about this on the Sydney Morning Herald website.