The forecast comes amid concern among some economists that Australia is heading towards recession.
Some 100,000 people could lose their jobs over the next 12 months, according to a new report, as economists question whether Australia is headed towards another recession. Consulting firm Deloitte predicts a net figure of over 100,000 more Australians will be unemployed in the next 12 months, as the job market and the economy slow. The unemployment rate, currently at 4.2 per cent, could peak at 4.5 per cent, according to the report. This is slightly higher than the 4.
5 percentage points above the lowest unemployment rate recorded in the prior 12 months, then the economy is on the path towards a recession, according to the rule. Risse said the predicted rate of increase in Australia's unemployment would be consistent with a trajectory towards recession. The definition of a recession is not clear-cut, but the RBA defines it as a period of negative or weak growth in economic output, typically highlighted by negative gross domestic product figures.
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.
Australia news LIVE: Australia’s largest solar farm approved; ‘Ghost colleges’ shut in tertiary education blitzKeep up to date with today’s news.
Read more »
Australia news LIVE: Australia’s largest solar farm approved; ‘Ghost colleges’ shut in tertiary education blitzKeep up to date with today’s news.
Read more »
Australia news LIVE: Australia’s largest solar farm approved; ‘Ghost colleges’ shut in tertiary education blitzKeep up to date with today’s news.
Read more »
Australia inflation: Reserve Bank of Australia says growth resurgence to keep interest rates higher for longerThe RBA said it considered lifting the cash rate to 4.6 per cent this month amid concerns of a forecast lift in economic growth and persistently high inflation.
Read more »
Australia news LIVE: London stabbing victim from Australia; Dutton defends Gaza stanceRead the national news headlines for Thursday, August 15.
Read more »
Australia news LIVE: London stabbing victim from Australia; Dutton defends Gaza stanceRead the national news headlines for Thursday, August 15.
Read more »