June figures have been released by ABS and unemployment has jumped for the first time this year (from 4.1% to 4.3% seasonally adjusted), with a decline in monthly hours worked.
Federal Treasurer Jim Chalmers said the unemployment rate was the “inevitable consequence of economic uncertainty and volatility around the world”. However, he also pointed out that Australia’s unemployment rate remains historically low and we noted that there was an increase in the number of employed people, a rise in job vacancies and employment growth over the year.
Business Chamber Queensland reported in June that confidence in the future of the state’s economy and general business conditions were at the strongest levels since 2022, attributed to interest rate relief, some levelling of inflation and infrastructure certainty around the Brisbane 2032 Olympic and Paralympic Games, however, it is fragile as profitability and productivity remain sluggish. They also welcomed the initiatives of the State Budget in supporting business confidence and this is mirrored by our own conversations with business people locally, where we are hearing of continued high cost pressures but a sense of cautious optimism.