Australia’s unemployment rate is now 8.2%.
The unemployment rate for New Zealanders fell to 7.3% in December, down from 7.5% a month earlier.
This is the lowest unemployment rate recorded in the country since June of 2017.
The Reserve Bank’s rate forecast for the year is unchanged at 2.75%, but the economy is expected to grow by 0.7% in the second half of 2018, according to the latest data from the Bureau of Statistics.
Australia’s unemployment rates have been climbing since the mid-1990s.
New Zealand has been struggling with the high cost of living and the cost of borrowing.
The Government has raised interest rates, but has not yet imposed a budget.
The Reserve’s forecast for 2018 is for unemployment to remain at 7.8%, and the economy to grow 2.9% in 2018.
This means the economy could grow as much as 4.3 percentage points higher than the current forecast by the RBA.
Source: Bureau of statistics