Prime Minister Kevin Rudd has delivered some sobering news, stating that unemployment will continue to rise for some time, despite reports to the contrary.
Official data released last week has shown the jobless rate held its ground, remaining at 5.8 percent for the second month in a row, but the Government forecast back in May that unemployment would reach 8.25 percent by the middle of next year. Rudd is sticking to his guns, telling parliament that the road to recovery for Australia and the economy will have many “twists and turns.”
Both the RBA and the IMF have upgraded their forecasts for growth in Australia, but Rudd believes the most important indicator of the health of the economy is employment, and it will “be with us for quite a while yet.”
People who read this, also liked:
Unemployment remains at 5.8 percent
Australia in better position to recover from downturn: Roubini
