Australian unemployment shot up to 5.3% in January, setting the stage for another interest rate cut

The Reserve Bank of Australia (RBA) governor would be tearing his hair out today down at Martin Place with Australia’s unemployment rate shooting up to 5.3% in January, according to new seasonally adjusted data from the Australian Bureau of Statistics (ABS).

Lowe’s been playing a game of cat and mouse with the Australian labour market, naming the taming of it a top priority for the central bank. In an ideal world, he’d be starting at a number below 4.5% – in order to get our wages seriously growing and get us shopping – but we don’t live in that world, and the economy doesn’t look like it’s going to grant that wish anytime soon.

Read more: https://www.businessinsider.com.au/australian-unemployment-january-rba-rate-cut-2020-2

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