Australia is experiencing the second most severe labour shortages in the developed world, according to the latest OECD economic outlook.
Australia is experiencing the second most severe labour shortages in the developed world, according to the latest OECD economic outlook, reinforcing calls for immediate government action to fix the skills crisis.
Speaking ahead of the report’s release, Treasurer Jim Chalmers dismissed the idea of a local recession, saying it was not on his “list of fears”, and in the medium-term there were more opportunities than challenges.But Dr Chalmers also echoed Reserve Bank governor Philip Lowe in saying inflation would peak “significantly higher” than the current 5.1 per cent.
The most acute shortages were in mining, financial and insurance services, administrative support, other services and wholesale trade. RBA governor Philip Lowe said the rate rise, which was double what he described last month as “business as usual”, was due to the “resilience” of the local economy and growing inflation from spiking energy prices.Dr Lowe said the bank expected to take “further steps” to normalise monetary policy in coming months, and was “committed to doing what is necessary to ensure that inflation in Australia returns to target over time”.
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