Unemployment rate has edged higher to 4.1 per cent

ABC NEWS (Australia)

The unemployment rate for march has ticked slightly higher to 4.1 per cent. The relative strength of the jobs market is lessening the need for aggressive interest cuts from the Reserve Bank. But growing global uncertainty sparked by US trade tariffs is starting to affect hiring plans.

Transcript

00:00Off peak and peak slots.

00:04This clean energy start-up is hiring and competition for the jobs on offer is red hot.

00:11Every job we put out we get hundreds of applications come through.

00:14Finding enough tradies to install the solar panels and batteries Alan Hunter's customers want isn't so easy.

00:22Currently Australia is deploying around 24,000 systems a month on rooftops across the country

00:27and again that's capped due to workforce.

00:29Recruiters say it's easier for blue collar workers to land a job.

00:35Within the white collar space it's very much an employer's market.

00:38Unemployment rose to 4.1% in March after fewer than expected jobs were added to the economy.

00:45There were 32,200 more people employed and 3,000 others joined the jobless queue.

00:52The participation rate ticked up as more people looked for work last month

00:57but it remains off recent record highs.

01:00This government has overseen the lowest average unemployment of any government in the last 50 years.

01:07We're facing uncertain and tumultuous times and we know to make sure we improve those two budgets,

01:13the household budget and the government budget we need an economy that grows.

01:17The biggest risk to our economy doesn't come directly from US tariffs.

01:22It's more around how global growth will impact the Australian dollar consumer decisions here and business decisions locally as well.

01:31The uncertainty that's happening globally is affecting people's willing to invest in new jobs and new hires.

01:37That global uncertainty and increase in the unemployment rate make it more likely the Reserve Bank will cut interest rates

01:44in order to stimulate the economy when its board meets next month.

01:48Before these tariff announcements thought the Reserve Bank might only cut once this year,

01:53now we think it's going to be three times.

01:55Providing relief for borrowers as long as they keep their job.

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