About 116,000 people gained jobs in February, far above expert expectations of 40,000 more people in work.
One of the biggest monthly falls in unemployment in more than 20 years has cast doubt on economists’ hopes of a winter interest rate cut from the Reserve Bank.
Employment and Workplace Relations Minister Tony Burke said the data showed the government’s plan to ensure more people had access to secure jobs was working, noting that 56 per cent of the new jobs were full-time. Opposition employment and workplace relations spokeswoman Michaelia Cash said while the Coalition would always welcome lower unemployment and more jobs, the data was not all rosy.“Unfortunately, Australians are still dealing with a cost-of-living crisis under Prime Minister Albanese,” she said.“Almost 1 million Australians are now working second or third jobs. Since the election, the number of multiple job holders has increased by more than 100,000 people.
“Along with the decline in unemployment back to below 4 per cent, today’s result will greatly reduce pressure on the Reserve Bank to signal rate cuts anytime soon,” he said.
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