Jobless rate will fall below 6%: RBA

Reserve Bank of Australia governor Glenn Stevens is confident the unemployment rate will fall below six per cent in the period ahead.

Reserve Bank of Australia Governor Glenn Stevens

The Reserve Bank governor is confident the unemployment rate will fall below six per cent. (AAP)

The Reserve Bank governor is confident that the unemployment rate will fall below six per cent.

RBA governor Glenn Stevens told a parliamentary committee on Friday that he was expecting unemployment was going to move higher than the recent peak of 6.3 per cent.

The RBA earlier this year predicted that the unemployment rate would peak at 6.5 per cent but in August it revised that estimate to say it would peak below 6.5 per cent.

"In the period ahead if can get the non-resources part of the economy to keep improving gradually, build some confidence ... then we'll get the unemployment rate to come down," Mr Stevens said in Canberra.

"We ought be looking to get back into the fives over time, and given enough time I think we will, unless we're hit by a bad shock somewhere."


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Source: AAP


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