Economics
Australia’s Surging Employment Aids Budget Bottom Line, Outlook
- Employment across Australia jumped by 90,000 in November
- Budget deficit seen at 9.9% of GDP in 2020-21, vs 11% before
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Australian hiring surged for the fifth time in six months and, together with iron ore-price strength, allowed the government to forecast an improved bottom line.
The economy added 90,000 jobs last month after an upwardly revised 180,400 gain in October, the Australian Bureau of Statistics said Thursday. An hour later, the government said in its mid-year update that unemployment will peak at 7.5% in the first quarter of 2021, down from a previous 8% estimate.