The Reserve Bank needs to cut interest rates again to keep a rising jobless rate at bay, the Australian Council of Social Service (ACOSS) says.
“Between August and September, a further 34,000 people have become unemployed,” ACOSS CEO Dr Cassandra Goldie says.
“This means more people will be forced to rely on the $401 per week Jobseeker Payment, well below the poverty line.”
Dr Goldie was quoting new Australian Bureau of Statistics (ABS) data that showed the jobless rate for September was 4.5%.
Sean Crick, the ABS head of labour statistics, says the September seasonally adjusted rate is the highest recorded since November 2021; it went from 4.3% in August (650,000) to 4.5% (684,000) in September as 34,000 people lost work compared to 15,000 finding jobs.
JOBLESS RATE THREAT
“Keeping interest rates high is hammering jobs and livelihoods,” Dr Goldie claims.
“The greatest risk to the economy now is not a resurgence in inflation but the further loss of jobs and incomes,” Dr Goldie says.
“Urgent rate cuts are essential to support job creation and prevent further rises in unemployment.”
ACOSS also wants direct government action to lift incomes and living standards.
“The government must step up with targeted support including increasing social security payments such as JobSeeker and fixing the punitive employment services system,” Dr Goldie says.
“We also need increased investment in social housing and energy efficiency programs to bring down energy bills.”
ABS SEPT DATA
The ABS data shows 24,000 more males (370,000) and 10,000 more females (314,000) looking for work in September.
Full-time work rose by 9000 jobs; 23,000 more males found work but full-time female numbers fell by 15,000.
Part-time employment rose by 6000 jobs, driven by more females (19,000) as male numbers fell 13,000.
Hours worked rose by 0.5 per cent in September, higher than the 0.1 per cent rise in employment.
Over three years, the jobless rate rose almost a full percentage point; from 3.6% in September 2022 to 4.5% this month.
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