Unemployment rate falls to 6.8 per cent as jobs surge in Victoria
Australia s unemployment rate has dropped to 6.8 per cent on the back of a strong jobs market recovery in Victoria.
Seasonally adjusted figures showed the unemployment rate fell by 0.2 percent in November with 17,300 less people out of work, the Australian Bureau of Statistics (ABS) said.
And 90,000 more people found work people between October and November, while the number of hours worked increased by 2.5 per cent, according to the ABS.
The unemployment rate has fallen by 0.2 percent in the last month.(Getty)
The participation rate - the number of people looking for work - rose by a further 0.3 percentage points, returning to January s historic high of 66.1 per cent.
Border restrictions are expected remain in place until the end of next year, Treasurer Josh Frydenberg said on Thursday.
In his mid-year economic update, Mr Frydenberg said the October budget s prediction that international borders would stay closed for another year remains unchanged.
The government has banned Australians from leaving since March to stop tourists travelling to Covid-infected countries and bringing home the deadly disease.
Foreigners are not allowed to enter unless they have an exemption or are coming from New Zealand.
In his mid-year economic update, Mr Frydenberg said the prediction in the October budget that international borders would stay closed for another year remains unchanged
Australia Jobless Rate Falls To 6.8% In November The unemployment rate in Australia came in at a seasonally adjusted 6.8 percent in November, the Australian Bureau of Statistics said on Thursday – beating expectations for 7.0 percent, which would have been unchanged.
The Australian economy added 90,000 jobs last month, blowing away forecasts for an increase of 50,000 jobs following the addition of 178,800 jobs in October.
The participation rate came in at 66.1 percent in November, beating forecasts for 66.0 percent and up from 65.8 percent in the previous month.
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China s trade war against Australia is failing with the federal government expecting iron ore prices to stay at elevated levels for longer.
The spot price of iron ore, the commodity used to make steel, this month climbed above $US150 ($A200) for the first time in seven years.
Despite trade sanctions against Australian wine and barley, China has continued to need even more iron ore to feed its infrastructure and apartment building.
Since June, iron ore prices have climbed steadily from $US80, with China sourcing 60 per cent of its iron ore from Australia as Brazil struggles to meet demand.
In the October budget, Treasury expected the commodity price to drop back to $US55 a metric tonne by the end of June 2021.
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