Strong print for the Australian labour market: what’s next?
Sean Langcake from Oxford Economics Australia addresses the key facets of Australia’s economic landscape. Sean commends the country’s labour market, noting that it continues to defy economic gravity.
Despite slowing indicators of labour demand, there’s no significant increase in the unemployment rate on the horizon. He also remarks on the robust growth in part-time job positions and an uptick in full-time roles.,Sean also lends insights into the impact of high levels of immigration on Australia’s economy. He believes the influx of individuals is generating more demand, leaving the balance of the labour market unchanged. Drawbacks, however, are visible where the supply side struggles to react promptly, particularly in the housing market.
Focusing on the housing market, Sean is optimistic about the outlook for distressed loans and financial stress, attributing his confidence to strong household income growth and low unemployment rates. He predicts that the recent rate hike will slightly cool the housing market, but strength remains. The Reserve Bank of Australia’s economic decisions are discussed as well, underlining a stricter stance on inflation.
Watch Sean’s full interview with Ausbiz below:
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