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Australians have been warned that a tangible increase in wages and official interest rates are off the table for now, but unemployment levels will look like the heady days of the early 1970s and inflation would be tamed.
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The number of unemployed Queenslanders jumped by 8000 in October as the seasonally adjusted rate jumped back above 5 per cent from September’s low of 4.9 per cent.
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Queensland’s troubling lack of workers was in part the result of people, especially men, dropping out of the workforce, according to economist Pete Faulkner.
Queensland’s economic growth was up 12 per cent and housing finance was running at 65 per cent above the decade average last quarter, but the state still languishes at seventh place in the economic performance of the nation, according to CommSec.
Queensland’s unemployment rate has fallen to 4.9 per cent, the lowest level since 2009, as an extra 31,000 people found jobs in September.
Forget the official unemployment rate; it’s not working either _ that was the clear message from economists today after the jobless rate fell despite the east coast lockdowns.
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