Government Forecasts More Jobless

Treasurer Wayne Swan has forecast Australia’s jobless rate will rise, albeit slightly, in the next two years.

The government’s Mid Year Economic Forecast predicts unemployment will rise to 5.5% over the next two years, a rate higher than the current rate of 5.3% and the forecast in the 2011 federal budget.

Part of this rise will be due to a decrease in federal government jobs as the Treasurer announced an increase in the Commonwealth public service’s efficiency targets.