The unemployment rate has slightly jumped to 3.7 per cent over the past month, with 11,500 jobs lost in January.
The cash rate has been increased to 3.35 per cent since its historic low of 0.10 per cent in April of 2022.
In looking to the future, the RBA said more rate hikes were “needed” given the inflationary environment. In the wake of the latest unemployment figures, Australian Council of Social Service CEO Cassandra Goldie called on the RBA to consider pausing the hikes.
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