Australian employment suffered its sharpest fall in three years last month, data...
SYDNEY - Australian employment suffered its sharpest fall in three years last month, data showed on Thursday, underlining the need for urgent stimulus to revive economic activity and wages.
The disappointing report will also pile political pressure on the conservative government of Prime Minister Scott Morrison to launch a fiscal rescue package for the economy. “Ideally the government would step in to deliver additional fiscal stimulus, but if this fails to eventuate he RBA could adopt unconventional policy and cut the cash rate to 0.25%.”
Just last week the RBA threw in the towel on getting wages going, forecasting miserly annual growth of 2.3% right out to 2021. Indeed, data out on Wednesday showed wage growth actually went backward to 2.2% in the September quarter.Up until now, Australia’s problem was not a dearth of hiring. Some 251,800 net new positions were created in the year to October, with the majority full time.
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