ACOSS Advises on Australia's Economic Approach to Inflation and Unemployment
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
The Australian Council of Social Service advised that Australia needed to change its economic approach to reduce inflation and avoid the higher unemployment rates seen in other advanced nations. The organization noted that since interest rates began to rise, over 200,000 people have been out of paid work since mid-2022. ACOSS warned that further interest rate increases carry the risk of significant job losses.
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Why it matters
The advice highlights the fragility of Australia's current low unemployment rate, which the organization stated is a considerable achievement that must be protected. ACOSS urged the Reserve Bank to resist rate hikes that could trigger long-term damage to the labor market and living standards.
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From miragenews.com
Who's involved
- Australian Council of Social ServiceAdvisory body commenting on the balance between inflation control and labor market health
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Australian Council of Social ServiceSpeculative
Businesses might face increased costs and reduced demand due to sustained high interest rates and labor market contraction.
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The entities involved
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Australian Council of Social Service
Australian organization
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