Australia’s unemployment rate is currently tracking at a historically low 4.3% and the Reserve Bank of Australia’s (RBA) latest Statement of Monetary Policy forecasts that it will remain at around its current level until the end of 2027.
The primary reason why Australia’s unemployment rate is so low is because government spending has driven a record boom in non-market sector jobs, which are primarily funded by governments.
The non-market sector includes the traditional private sector, as well as education, health, and social assistance.
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