Unemployment rate predicted to rise in 2024

Judo Bank Chief Economic Advisor Warren Hogan reveals his predictions for Australia’s unemployment rate this year. Mr Hogan told Sky News Australia he believes the rate is “probably going to go up”. “The increase we’ve seen from the lows … has really been driven by strong population growth, a pickup in immigration. “I think the dynamic’s shifting – immigration slowing, population growth should slow, it’s all about what happens with employment. “Really to get the soft landing to take that pressure off the labour market and inflation, you’re going to need employment to be soft this year.”