A major accounting firm says a hiring freeze has hit the Australian private sector, as economists raise a recession warning signal.
Major accounting firm Deloitte says the private sector has entered an external hiring freeze as 100,000 Australians are expected to hit unemployment queues. Economists say the Reserve Bank will be closely watching the jobless rate for clues as to what to do with monetary policy .Australians who have hit the pavement in search of a job recently might have found it tough going, as bosses preference those already on staff for new roles.
Deloitte partner David Rumbens said the feedback from those CFOs was that the private sector had entered something of a hiring freeze. "But if we look at the Australian data, if we plug those numbers into the formula, it's telling us that the rate of increase in Australia's unemployment rate would be consistent with a pattern that's heading towards a recession," Ms Risse said.
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