Aussie PM Morrison: Real jobless rate higher than 7.4%

Omkar Godbole FXStreet Contributor

Australia's unemployment rate rose to 7.4% in June to hit the highest level in two decades, official data released early Thursday showed.

However, Prime Minister Scott Morrison thinks the real situation in the labor market is worse than what official data shows.

"The effective rate of unemployment is likely to be far higher than illustrated in these numbers and the treasurer and I and the employment minister, have not been shy about pointing to that fact," Mr. Morrison told reporters in Canberra on Thursday, according to Reuters.

The effective rate factors in people working zero hours and those who have dropped out of the labor force. As per senior government figures, effective jobless rate is more like 13.3%.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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