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Treasurer Jim Chalmers says the government expected the unemployment rate to “tick up” on Thursday, but it’s still “remarkably low given what’s come at us” from around the world.
The unemployment rate has lifted from 3.5 per cent to 3.7 per cent.
“We have expected for some time that the unemployment rate would tick up a bit as a consequence of higher interest rates combined with some pretty serious global uncertainty,” Mr Chalmers said during a media conference on Thursday.
“That’s what we’re seeing in these unemployment numbers today, but it is still pretty remarkable that we enter this period of substantial global uncertainty with unemployment with a three in front of it.”
