Australia’s jobless rate has climbed to 4.3 per cent, even as employment figures jumped by 49,000. The news comes as Prime Minister Anthony Albanese appoints a national fuel co-ordinator, Anthea Harris, to lead a supply taskforce while the ACCC probes fuel suppliers. This follows Iran’s attack on what is believed to be the world’s biggest gas export plant after an alleged Israeli attack on a major Iranian gas field.
The Reserve Bank of Australia (RBA) maintains that households are equipped to handle global economic shocks and rising interest rates, despite increasing cost-of-living pressures exacerbated by higher fuel prices. The RBA suggests that borrowers possess sufficient cash flow and savings to navigate these challenges.
Globally, concerns are mounting over the potential economic impact of the conflict involving Iran. US Federal Reserve Chairman Jerome Powell has acknowledged uncertainty regarding the extent and duration of inflationary pressures stemming from rising oil prices. The recent attacks on critical energy infrastructure, including a strike hitting 20 per cent of the world’s LNG supply, are expected to prolong economic strain, according to financial analysts.
