Probable Further Decline of Unemployment Rate, says RBA

The Australian unemployment has a chance for a further decline from the current year low of 6.5 without raising the pressure to increase wages, according to the head of the nation’s central bank on Tuesday.

The Reserve Bank of Australia’s Governor Philip Lowe mentioned that despite the jobless rate ranges between the two largest states of New South Wales and Victoria with 4.4 and 4.6 percent, there is not enough momentum to raise the annual wage growth.

The unemployment rate was recorded to be 5.0 percent with annual wage growth of 2.3 percent. There is a chance to reach the 4.5 percent unemployment without augmenting the wage growth “too much”, he added.