Unemployment rate expected to gradually rise in 2024

Economists are predicting the unemployment rate will rise to four per cent for the month of January. January’s figures will be released on Thursday. Sky News Business Editor Ross Greenwood said economists “know” the unemployment rate will slowly rise this year. “That’s really due to the high interest rate environment,” Mr Boyd said. “Due to businesses cutting back on their expenses … and it’s also due to the still high level of migration we’ve got in Australia.”