Employment in Australia Now Exceeds Pre-COVID Levels

Reserve Bank of Australia (RBA) has forecasted that Australia will reach full employment in two years following better than expected unemployment figures and 12-year high levels of job ads. In today’s board meeting, the RBA upgraded its economic forecast while keeping the cash rate at near zero percent—which will remain at current levels until “2024 at the earliest.” “The economic recovery in Australia has been stronger than expected and is forecast to continue,” Lowe said. “This recovery is especially evident in the strong growth in employment, with… the number of people with a job now exceeding the pre-pandemic level.” The RBA forecasts that unemployment will decline to 5 percent by the end of this year and reach 4.5 percent by the end of 2022. “The Board is committed to maintaining highly supportive monetary conditions to support a return to full employment in Australia and inflation consistent with the target,” Lowe said. …
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International News | The Epoch Times