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Unemployment to rise, but Australian downturn softer

Unemployment to rise, but Australian downturn softer article image

Global recession will affect Australia, but a downturn will not be as severe here, according to a report by Access Economics, despite a prediction of rising unemployment. Access has revised their earlier estimate of a 7.5 percent unemployment rate to 8.5 percent by the end of next year - or close to one million unemployed Australians. The overall report also predicts continuing gloom in 2010 rather than recovery, which was forecast one quarter ago. However, the good health of Australian banks, the Federal Government's stimulus package and interest rate cuts have meant a softer recession in Australia than elsewhere. On a state-by-state analysis, New South Wales is in the worst shape, while Tasmania has received a glowing report card. However, NSW will recover more quickly than other states, including Western Australia and Queensland due to those states relying on engineering and construction, which has experienced the biggest hit.

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