Jobless rate may hit 6% in 2013

AUSTRALIA'S official jobless rate may top 6 per cent next year, according to Macquarie senior economist Brian Redican, who says the underlying unemployment rate is rising faster than official figures suggest.

Mr Redican said a combination of baby-boomer retirements and stay-at-school youth was masking the jobless gloom.

The ''modest deterioration'' in the labour force in recent months - June's jobless rate edged up to 5.2 per cent - might be providing a ''false sense of security that unemployment won't increase from here'', he said.

The unemployment rate has remained just above the 5 per cent rate despite the economy adding only about 47,000 jobs last financial year, down from more than 220,000 jobs a year earlier.

A low jobless rate - Australia's is about half that of the eurozone region - is widely seen as key to retaining consumer confidence and shoring up a property market now drifting lower in most parts of the country.

Read more at Brisbanetimes.com.au
 


High five all you awesome women out there

High five all you awesome women out there

Jenny Dowell slam-dunked the final question on QandA

PHOTOS: Did we take your photo in the Q&A audience?

PHOTOS: Did we take your photo in the Q&A audience?

Producers impressed by "informed, passionate” Lismore locals

North Coast groups gather for farmers out west

North Coast groups gather for farmers out west

North Coast groups gather for farmers out west

Local Partners