Australia’s strong labor market rebound signals the economy is rapidly recovering as the country lifts coronavirus restrictions, Treasurer Josh Frydenberg said Friday.
The country added a record 366,100 jobs in November, eclipsing market forecasts for a 200,000 rebound, data from the Australian Bureau of Statistics showed Thursday.
Frydenberg underscored the recovery has been broad, with jobs added across a range of sectors. The jobless rate dropped to 4.6%, from 5.2% in October, well under forecasts of 5.0%.
On Thursday, Reserve Bank of Australia Governor Philip Lowe said the labor market was expected to tighten further over the next couple of years. He also said the RBA’s “central scenario” is for the jobless rate to reach 4.25% by the end of 2022 and 4% by the end of 2023.
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