After a soft patch at the beginning of this year, jobs growth has soared in Australia in recent months. What’s more, of the net new 154,000 jobs that have been created since March all of them have been full-time ones. And business surveys remain consistent with a further acceleration in employment growth. That would be good news for the household sector in particular as it would provide a welcome boost to income growth. However, we are less optimistic about the outlook for the labour market. We believe that another year of subdued economic growth will prevent the recent momentum in job creation from being sustained.
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