Australia's Sticky Unemployment Rate Underscores Reserve Bank of
Australia (RBA)'s Monetary Policy
Challenge
Australia’s jobless rate held above 5% in May despite a surge in
hiring, underscoring the Reserve Bank’s
challenge to drive down unemployment and stoke inflation.
RBA Governor Philip Lowe has made clear that easing monetary policy
is not the ideal path to boosting hiring
and investment, and has urged the government to undertake
structural reforms. The government is trying to
pass tax cuts that is estimated could...