Jobless rate hits a 3-year high, raising expectations of a rate cut | Close of Business | ABC News скачать в хорошем качестве

Jobless rate hits a 3-year high, raising expectations of a rate cut | Close of Business | ABC News

There was a a surprise tick up in the official unemployment rate in June to 4.3 per cent from 4.1 per cent in May. It's the highest level its reached since November 2021. The rise in unemployment has sparked concerns the labour market is weakening. And financial markets expectations for an August rate cut lifted to around 89 per cent. The jump in the jobless rate comes a week after the RBA shocked markets and held fire on an interest rate cut, kepping rates at 3.85 per cent, sparking criticism from some economists that the RBA is now late to the party on rate cuts. Monash University Senior economics lecturer Zac Gross told the program, the jobless data confirms a rate cut is likely warranted. The Australian share market rallied at the end of the week helped by rate cut hopes. Both the All Ords and the ASX 200 indicies hitting new records. Julia Lee from FTSE Russell joined the program. And the Reserve Bank wants to end bank card surcharges to save Australians more than a billion dollars a year. It's also proposing to lower payments fees which it says will help businesses. #ABCBusiness Subscribe: https://ab.co/3yqPOZ5 Welcome to ABC News In-depth, where you'll find our long-form journalism and other videos to help you understand what's going on in the world around you. Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 For more from ABC News, click here: https://ab.co/2kxYCZY Get breaking news and livestreams from our ABC News channel:    / newsonabc   Like ABC News on Facebook:   / abcnews.au   Follow ABC News on Instagram:   / abcnews_au   Follow ABC News on Twitter:   / abcnews   Note: In most cases, our captions are auto-generated. #ABCNewsIndepth #ABCNewsAustralia