Unemployment rate heading to 5pc

Unemployment set to rise

Job vacancies were also rebounding a little up until February 2026, rising 2.7 per cent to 337,900 over the 3-month period. 

This means that up until February there were still fewer than 2 unemployed persons per job vacancy - historically speaking a very low ratio. 

Job vacancies rebounded to rise in 7 of the 8 states and territories over the quarter, with only South Australia recording a very modest decline.

Still, with the labour force swelling by 312,000 over the year, it looks like that was some potential upside for the unemployment rate.

Since the end of February consumer sentiment has collapsed to the lowest level in the history of surveys since 1972, so there is now an increasing likelihood that the unemployment rate will naturally rise towards 5 per cent according to many economic forecasts.

In other news the Australian PM announced further fuel price relief, but with apparently little progress having been made towards the resumption of oil supply markets have shifted into risk-off mode. 

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