Gareth Spence
speaker
154 appearances
1 recordings
1 series
first heard Oct 2025
last heard 31 Oct
Gareth Spence’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Oct 2025 with 1.
Appearances
Yeah, thanks, Phil.
Um I think that's broadly right.
I mean, I think we know that the unemployment rate in Australia has kind of trended up a little bit through this year.
The picture's a little bit difficult uh at the moment with the latest monthly data, as as you kind of know, with that that volatile sort of spike and we'll see where that goes.
But I think ultimately, you know, that that's right.
We kind of troughed at about three point
four percent uh in in twenty twenty two.
Uh and, you know, since then we've risen back up to around that that four and a half percent mark or four point three percent in trend terms.
So certainly it has trended higher.
It kind of stuck or, you know, stayed around that four point one or four point two percent for for almost a year.
And then almost quite surprisingly, right, after you know quite slow private sector growth.
Um, you know, we didn't see much of a pick up in in the unemployment rate.
So
It is still um you know kind of a little bit below where it was pre pandemic, you know, hovered around that five to five and a half percent mark for for the better part of a decade.
Uh and it is, you know, probably a a little bit below that still.
So for us, uh certainly, you know, some easing in those pressures in the labour market, uh, but we don't think a kind of a large build up of Slack or anything like that yet.
Yeah, look, I think um there's no doubt population growth has kind of helped us over the last couple of years.
Like like New Zealand, I think maybe we're a little bit uh you know, actually following in this case, but I think um, you know, population growth peaked at about two and a half percent.
That's over six hundred thousand people for us uh in a year.
Um and it, you know, it has slowed relatively sharply from that actually.
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