ACOSS is disappointed by the Reserve Bank of Australia’s decision to leave interest rates on hold, as people with the least continue to suffer.
“Today’s decision fails to confront the reality of rising unemployment ,” CEO of ACOSS Dr Cassandra Goldie said.
“With underlying inflation inside the RBA’s target, there’s no case to hold rates at punishingly high levels.
“The economic risk now lies with jobs, with unemployment having risen by 50,000 people just this calendar year.
"Since unemployment began to rise from 3.4% in mid 2022, a total of 140,000 people have become unemployed. ABS figures show there are currently two people looking for paid work for each vacancy, the worst ratio since 2021.”
ACOSS maintains that interest rate cuts, while welcome, are not enough to resolve the ongoing living standards crisis.
“The government must step up with targeted support for those doing it toughest, including by increasing social security payments such as JobSeeker and fixing the punitive employment services system,” Dr Goldie said.
“We also need increased investment in social housing and energy efficiency programs to bring down energy bills.”
Contact details:
Lauren Ferri: 0422 581 506
