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The national unemployment rate has nudged higher, climbing from 3.5% in March to 3.7% in April, according to new data from the Australian Bureau of Statistics.
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Unemployment is very low by historical standards, and has been in the 3s since March 2022 β although it may not stay there for much longer.
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The Reserve Bank has forecast that unemployment will rise to 4.0% by the end of this year and 4.4% by the end of next year.
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The reason the Reserve Bank has been increasing official interest rates has been to slow the economy, and thereby reduce inflation. But a weaker economy also tends to mean higher unemployment.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donβt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weβll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
