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Australia’s latest jobs report presents a paradox. The unemployment rate remains steady at 4.1 per cent, yet 53,000 Australians lost their jobs last month – the largest decline since December 2023 (“Employment fall unlikely to push Bullock on rates”).
While this may appear to be a statistical anomaly, the broader trend points to mounting economic fragility. In the United States, the Federal Reserve has acknowledged rising economic risks, and its latest policy stance underscores why the Reserve Bank of Australia must act decisively.
