Fed: Jobless rate likely to soar as Rudd faces voters: Access
28 Apr 2009 2:38 AM
A leading economic forecaster has warned the unemployment rate is set to soar beyond eight per cent by the end of next year .. when Australia's due to face its next federal election.
But Access Economic says the recession will be less severe in Australia than other countries.
The forecaster expects close to one million Australians will be unemployed by late 2010 .. with the jobless rate expected to hit 8.5 per cent .. significantly higher than its current level of 5.7 per cent.
Three months ago .. Access forecast the unemployment rate would rise to 7.5 per cent by mid-2010 .. but it says it's had to revise that figure upwards.
Access Economics also predicts interest rates could fall to a record low of two per cent .. down from the current 49-year low of three per cent.
AAP RTV saj/kms/crh/psm/
