The central bank expects the jobless rate to tick higher than previously thought as inflation remains stubbornly high and dampens economic growth.
The Reserve Bank of Australia now expects the unemployment rate to hit 4.25 per cent by the end of 2024, up from the four per cent forecast in August.
In the November statement on monetary policy, the bank also downgraded its growth forecasts since the last pulse check in August.
According to up-to-date forecasts, GDP is likely to hit a floor of 1.5 per cent by late 2023 and the first half of 2024 before starting to recover.
In August, the bank expected growth to bottom out at 1.75 per cent by late 2024….