CANBERRA, AAP – New job advertising figures will likely confirm that the fall in the unemployment rate below four per cent is likely to occur sooner rather than later.
ANZ will release its job ads series for March on Monday, after showing an 8.4 per cent jump in February to a 13.5-year high.
Such strength backs both the Reserve Bank of Australia’s and Treasury’s expectation of the unemployment rate falling sustainably to 3.75 per cent later this year, its lowest level since 1974.
The jobless rate currently stands at four per cent.
However, some economists expect a sub-four per cent unemployment could come in the March labour force figures due on April 14.
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The Australian Institute of Petroleum will also release its weekly petrol prices report, the first since Treasurer Josh Frydenberg announced a halving of fuel excise for six months in last week’s budget.
This was in response to petrol prices spiking above $2 litre as a result of higher global oil prices sparked by the war in Ukraine.
However, Mr Frydenberg admitted the 22 cents a litre reduction will take a couple of weeks to feed through the system.
Even so, prices were already declining from record highs before the budget announced, with the average national petrol price falling 5.8 cents per litre to 206.7 cents.
The reduction in fuel excise is part of an $8.6 billion cost-of-living support package.
The Australian Bureau of Statistics will update its retail trade figures for February with more detail.
The original figures posted last month saw a 1.8 per cent increase in sales to $33.1 billion in February, which was the second-highest month on record with spending regaining momentum after the Omicron variant outbreak peaked.