Original article by Patrick Commins, Ewin Hannan
The Australian – Page: 1 & 4 : 21-Jun-23

The Reserve Bank of Australia’s deputy governor Michele Bullock says the nation’s unemployment rate will need to rise to 4.5 per cent over the next year if inflation is to be progressively restored to the target range of 2-3 per cent. Bullock adds that failure to bring inflation under control would most likely result in a "deep and long-lasting recession". Her comments have been criticised by union leaders, with CFMEU national secretary Zach Smith saying it is shameful for a top central banker to state that unemployment needs to rise. He contends that tens of thousands of livelihoods would be at risk from such an "irresponsible economic approach", and adds that corporate profits are the main driver of the high inflation rate.

CORPORATES
RESERVE BANK OF AUSTRALIA, CONSTRUCTION, FORESTRY, MARITIME, MINING AND ENERGY UNION OF AUSTRALIA