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RBA predicts unemployment rate will fall even further

RBA predicts unemployment rate will fall even further

After reaching 3.5 per cent in June, unemployment is expected to continue to decline.

by Shared from Investor Daily | Aug 7, 2022

RBA predicts unemployment rate will fall even further

In its quarterly statement on monetary policy released on Friday, the Reserve Bank (RBA) predicted that Australia’s unemployment rate will drop to as low as 3.25 per cent in the coming months.

According to the RBA’s updated forecasts, the jobless rate will end the year at 3.4 per cent, down from a previous prediction of 3.7 per cent made by the central bank in May.

Unemployment is then expected to gradually lift to 3.5 per cent in December 2023, 3.7 per cent in June 2024, and 4.0 per cent in December 2024.