World Economy

Australia Unemployment Still High

Australia Unemployment Still HighAustralia Unemployment Still High

Australia’s unemployment rate fell slightly in December but remained near a decade-long high, official data showed Thursday, as expectations rose the country’s central bank will cut interest rates from already record lows, AFP said. Joblessness in Australia has edged higher in the past two years as the economy prepares for an expected sharp drop-off in mining investment this year, with the country looking to transition away from resource-driven growth. The unemployment rate fell to 6.1% in December from a revised 6.2% the previous month, the Australian Bureau of Statistics said. The October data was revised to 6.3% from 6.2%, with the latest figure marking a 12-year-high.