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Australia's unemployment rate returns to 3.5 per cent



Australia's unemployment rate has fallen to 3.5 per cent in February after more than 64,000 Aussies found work.

It comes after the Reserve Bank of Australia forecast the nation's unemployment rate to remain "around 3.5 per cent" until mid-2023.

Head of Labor Statistics at the Australian Bureau of Statistics Bjorn Jarvis said the rate has fallen back to the level seen in December.

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"The February increase in employment follows consecutive falls in December and January," he said.

"In January, this reflected a larger than usual number of people waiting to start a new job, the majority of whom returned to or commenced their jobs in February.

"This was particularly evident in the South-East of Australia, with larger than seasonal numbers of people entering into employment across New South Wales, Victoria and the ACT."

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It comes after the unemployment figure rose to 3.7 per cent in January and the number of unemployed Aussies grew by 22,000.

"Our interpretation is that this decline in employment largely reflects changing seasonal patterns in hiring," central bank Governor Philip Lowe said at the time.

Lowe has previously flagged there may be a sharper rise in unemployment from its current historically low rate.

That's if the beast that is inflation isn't controlled, the bank believes, as they continue to hike interest rates which tightens belts for all Aussies and businesses.

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