Federal Treasurer Jim Chalmers has hailed the latest unemployment figures as “very welcome news” amidst a tightening global economic climate but warned inflation could be driven up in Australia given particular challenges posed by the ongoing conflict between Israel and Palestine.
Data released by the Australian Bureau of Statistics on Thursday indicated a marginal improvement of 0.1 per cent in the national unemployment rate which fell to 3.6 per cent - in seasonally adjusted terms - for the month of September.
CANBERRA, AUSTRALIA, NewsWire Photos. OCTOBER 19, 2023: Federal Treasurer Jim Chalmers holds a press conference at Parliament House in Canberra. Picture: NCA NewsWire / Martin Ollman Mr Chalmers said with continuing warfare between the Israeli army and Hamas, oil production in the region would be hindered which would result in lower supply levels in Australia and drive fuel prices up, although admitting the issue predated the war.
“I think it’s important to recognise, from about the middle of the year, we have seen global oil producers ramp down their supply and that has pushed up oil prices and that’s why we’ve seen the petrol price spike here in Australia.”
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