ANALYSIS: An unemployment rate of 2.9 per cent? Some economists think it's possible. But then what happens?
And last week, economists from ANZ said the unemployment rate could fall further from here — to 2.9 per cent — before the RBA's rate hikes really begin to bite next year.They said "underemployment" could keep trending down this year, and the participation rate could hit another record high early next year.
And, they said, even though international borders have reopened, the pace of the increase in the extra supply of workers in Australia is likely to remain relatively slow for a while. It will be fascinating to see, in a couple of months, what happens to that job vacancies graph above.However, the RBA seems determined to lift interest rates quickly over the next few months to return rates to more normal levels and to try to squeeze some inflation out of the system.Economists say the RBA will likely lift rates by another 0.5 percentage points this Tuesday, which would bring the target to 1.85 per cent.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pay rise for WA public sectors workers in a bid to offset rising inflation and cost of living pressuresPublic sector workers including teachers, doctors and nurses will be given a 3 per cent pay increase, up from 2.75 per cent, as well as a $2,500 sign-on bonus.
Read more »
Demand for palliative care grows up to 40 per cent since COVIDExperts say delayed or disrupted access to healthcare services during lockdowns has contributed to many people being diagnosed later, particularly with cancer.
Read more »
Which prices are going to jump even higher to push inflation above 7 per cent?Australians have just experienced the biggest price increases since the GST. But things are expected to get even worse, so where can we expect to feel the pain next?
Read more »
Why Goondiwindi's tight rental market is a positive indication for the regionThe vacancy rate in this regional Queensland town is just 0.1 per cent. But some residents think it's a positive as more and more young people are buying and staying in the region.
Read more »
Petrol prices are up — and some patients are really feeling itFuel costs have risen by 50 cents per litre since 2013, but patients travelling up to 300km to Queensland hospitals for treatment are still receiving the same subsidy.
Read more »
Tax landowners to repay COVID-19 debt, ANU study saysA land tax of 0.1 per cent imposed on mainly wealthier and older property owners is the best way to repay about $500 billion of COVID-19 debt, a study says.
Read more »