Since covid, the cost of living crisis and the unemployment rate has continued to rise causing major concern for Australians, in April the unemployment rate has risen to % 3.7 this follows employment decreasing by 4300 people over the month period.
This figure is slightly higher than the previous march figure predicted by the Reserve Bank, This decrease in jobs is a stark contrast to the prediction of 25,000 gained jobs in recent months. Overall, there is a decline of 27,100 full-time positions.
This prolonged higher-than-forecast jobless rate could impact and chip into labour governments' estimated $4.2b surplus.
Treasurer Jim Chalmers has stated that he did expect the unemployment rate to rise a ‘little bit’. These numbers can be attributed to a number of reasons including a decline and steady stagnant in wages increase which could create a higher unemployment rate as people leave jobs.
Some say this calls for pressure on induvial businesses as well as government agencies to create aggregate demand, by cutting taxes and increasing government spending.