Employment figures are better than expected
New employment figures released by the Australian Bureau of Statistics have surprised many people.
They suggest unemployment was down to 4.9 per cent in April 2012 – a drop of 0.2 per cent in seasonally adjusted terms.
A lot of experts were expecting the joblessness tally to rise during the month, but this has not been the case.
Although the figures show the Australian economy is perhaps stronger than it was originally thought, they have caused some economists to doubt whether further cuts to interest rates will be sanctioned.
The Reserve Bank of Australia (RBA) slashed the official cash rate by 50 points at the start of the month, but there have been calls for even more reductions in June. The government also revealed that the door is open should the RBA wish to make another alteration.
However, these new employment statistics may persuade the central bank to leave things as they are.
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