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Unemployment rate rises by 0.2 per cent

Unemployment has increased to 5 1 per cent  the abs reports 16000646 800480507 0 0 14025111 300

More Australians are struggling to find work, with a new report from the Australian Bureau of Statistics (ABS) confirming that unemployment has risen to 5.1 per cent.

This marks a rise of 0.2 per cent over the last month, and means that one in every 20 Australians is currently out of a job.

While the amount of people working full-time actually increased, with nearly 40,000 jobs being created, the total aggregate hours worked decreased by 4.7 million.

However NAB group chief economist Alan Oster claimed that the results were actually stronger than he expected.

"The reason you’ve got the unemployment rate going up is because [of] the rise in the participation rate", said Mr Oster in an interview with the Sydney Morning Herald.

If your household is struggling with unemployment, whether through being reduced to a single earner, or being forced to live completely off savings or government benefits, it is important that you budget your finances carefully.

Reducing your household bills can often be an easy way to save money, so people will want to evaluate their electricity and gas prices regularly in order to get the best bang for their buck.

A price comparison check can provide you with a full evaluation of the various suppliers available to help you find the cheapest option.

Posted by Callum Fleming