Sydney - Evidence of glummer economic times was seen in
Thursday's official figures showing unemployment in Australia rising
to 5.8 per cent in June from 5.7 per cent in May.
While full-time positions offering better pay and job security
fell by 21,900, part-time employment rose by 400, according to the
Australian Bureau of Statistics.
The figures showed the economic downturn was continuing to bite
with 662,900 people out of work.
Assuring those who lost jobs, acting Prime Minister Julia Gillard
said, 'We will be there with intensive assistance.'
Although the increase did not provide good news, it was less than
the 5.9-per-cent rise expected by economists.
'This result was better than market expectations; however, we
still have a long and rocky road ahead of us as a result of the
global recession,' Gillard told reporters in Melbourne, the
Australian Associated Press (AAP) reported.
It is the highest level of unemployment since October 2003, and
the government was warning Australia's jobless rate would hit 8.25
per cent by mid-2010.
'Employment is still in very modest declines relative to
expectations six months ago, so it's not a particularly bad number,'
Michael Blythe, chief economist at the Commonwealth Bank, told the
Australian Broadcasting Corporation. 'It will add to speculation that
we may see imminent [interest] rate hikes here in Australia.'
The Reserve Bank of Australia has kept the cash rate unchanged at
a 49-year low of 3 per cent for the past three months.
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