Australia's unemployment rate fell to 4.6 per cent in November as 366,000 people joined the workforce after the recent COVID-19 Delta lockdowns came to an end.
Source:Treasurer Josh Frydenberg says the latest jobs figures are a clear indication of what happens to the economy when lockdowns are eased, with the unemployment dropping sharply to 4.6 per cent in November.
The review shows the unemployment rate is now expected to fall to 4.5 per cent in the June quarter next year and 4.25 per cent 12 months after that.While Mr Frydenberg conceded uncertainties remain regarding the pandemic, he said Australia must learn to live with the virus.Commentating on the latest jobs figures, ABS head of labour statistics Bjorn Jarvis said most people remained attached to their job through the Delta lockdowns and to a greater extent than was seen earlier in the pandemic.
Speaking earlier on Thursday, Reserve Bank of Australia governor Philip Lowe said he expected the jobless rate to hit four per cent by the end of 2023.Dr Lowe does believe that with COVID-19 lockdowns lifted, spending is bouncing back quickly, although he admits the outbreak of the Omicron variant presents a downside risk.