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3w ago

Australia’s Unemployment Rate Poised to Hold at 4.1% as Wage Growth Outpaces Costs

Treasurer Jim Chalmers has flagged potential tax reforms at a productivity summit in August to test the nation’s reform appetite.

People cross the street in the Sydney Central Business District, in Sydney, Australia, May 14, 2024. REUTERS/Jaimi Joy/File Photo
Economists predict approximately 20,000 new jobs were created in May.

Overview

  • Economists predict the unemployment rate will remain unchanged at 4.1% for May, marking a steady trend since April.
  • Analysts forecast about 20,000 new jobs will be added in May following a bumper 89,000 gain in April.
  • The labour force participation rate is expected to hold at 67.1%, indicating persistent labour market tightness.
  • Annual advertised salaries climbed 3.6% to May and outpaced living cost rises despite a modest 0.2% monthly increase—the smallest since October.
  • Treasurer Jim Chalmers said no advanced economy has paired unemployment in the low 4s with inflation under 2.5% and three years of continuous growth, and he has signalled tax reform proposals for an August summit.