Official Figures: Australia’s Jobless Rate Sets Record

The unemployment rate in Australia has hit a three-year high, the Australian Bureau of Statistics said.

The bureau said in a recent statement that the jobless rate in March jumped to the highest level in over three years. The official figures show that the unemployment rate was 5.6 percent in March – up from 5.4 percent in February, press tv reported.

The bureau also stated that during March, the total number of created jobs dropped by over 36,000. Economists had predicted only 7,500 job losses for the month. The gloomy data sent local dollar and bond yields lower.

Experts are predicting that the unemployment rate could rise to six percent in the near future.

With three Australian cities now rated as more expensive than London, a strong dollar and steep rents will soon become an impossible lifestyle to maintain for the millions left unemployed.