Deloitte report predicts Australia's unemployment to rise to 4.5% in 12 months, predicting 100,000 job losses and potential recession.
A Deloitte report warns Australia's unemployment rate could rise to 4.5% in the next 12 months, with over 100,000 job losses predicted due to a private sector hiring freeze. The report suggests this could signal an upcoming recession. Companies are focusing on retention strategies and upskilling existing staff rather than hiring new employees. The 'Sahm Rule', a recession indicator, indicates a consistent pattern of rising unemployment. Employment data is expected to influence future interest rate decisions, with higher unemployment linked to easing inflation.
August 21, 2024
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