Job postings point to lower unemployment rate | Northern Beaches Review

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The new job vacancies figures will likely confirm that the drop in the unemployment rate below 4% is likely to happen sooner rather than later.

ANZ will release its March job streak on Monday, after jumping 8.4% in February to a 13.5-year high.

Such strength supports both Reserve Bank of Australia and Treasury forecasts that the unemployment rate will fall sustainably to 3.75% later this year, its lowest level since 1974.

The unemployment rate currently stands at four percent.

However, some economists expect an unemployment rate below 4% could appear in the March labor force figures due on April 14.

The Australian Petroleum Institute will also release its weekly petrol price report, the first since Treasurer Josh Frydenberg announced a six-month fuel excise duty halving in the week’s budget. last.

This was in response to gasoline prices surging above $2 a liter due to rising global oil prices caused by the war in Ukraine.

However, Mr Frydenberg admitted that the 22 cents per liter reduction will take a few weeks to feed into the system.

Even so, prices were already down from record highs before the budget announcement, with the national average gasoline price dropping 5.8 cents per liter to 206.7 cents.

The fuel excise tax cut is part of an $8.6 billion cost-of-living support package.

The Australian Bureau of Statistics will update its retail trade figures for February with more details.

Original figures released last month saw a 1.8% rise in sales to $33.1 billion in February, which was the second-highest month on record, as spending regained momentum after the peak. of the Omicron variant outbreak.

Australian Associated Press

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