Part 3/9:
Employment Minister Amanda Rishworth attributed recent fluctuations in unemployment to global uncertainties, emphasizing that external factors are major contributors. She stated that the uptick in unemployment aligns with Treasury forecasts and is not solely an Australian issue. However, critics and economists argue that domestic elements play a more significant role than federal officials admit.
Domestic Factors Behind the Southeast Australian Economic Slowdown
Phil Dun Dono, Chief Economist for Deutsche Bank Australia, asserts that Australia’s economic slowdown is primarily driven by domestic conditions. He points out that the delay in observable impacts on the labor market has been surprising, given the strength of non-market roles and other indicators not shown in the latest data.