Jobless rates were at 5.8% last month, with 664,000 unemployed, and Swan expects it to peak at 8.5% by June 2011. The Central Bank estimates unemployment rates to peak at “six-point something.”
The government job loss projections may be 230,000 too high because of better-than-expected economic performance, reports John Rolfe for The Daily Telegraph. This has signaled the Central Bank to begin raising interest rates from a 50-year low.
- iShares MSCI Australia Index (NYSEArca: EWA): up 60.8% year-to-date
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Max Chen contributed to this article.