/ 16 February 2024

Unemployment reaches a 2-year high

jim chalmers, budget, 2023
Treasurer Jim Chalmers at a press conference at Parliament House in Canberra, Wednesday, June 1, 2022. (AAP Image/Mick Tsikas) NO ARCHIVING

Data released by the Bureau of Stats yesterday shows Australia’s unemployment rate in January hit 4.1%. That’s the highest it’s been since January 2022, but Treasurer Jim Chalmers pointed out that it’s still “very low by historical standards”. Reports say the number of people considered unemployed rose by 22,000 last month, while the rate of under-employed Aussies also rose by 0.1% to 6.6%. Economists say it’s a sign the job market is slowing down – and there were other signs of trouble yesterday… Mining giant BHP says its nickel operations in Western Oz have posted a loss of $308 million, putting about 3,000 jobs at risk. The company warned of the nickel division’s issues last year and blamed rising costs and a “very tough operating environment” globally. And over at Network Ten, staff are facing a round of redundancies after its US owner Paramount said 800 jobs will go across its international business.

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