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NAB survey says around 11% unemployment by June 1993

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Embargo: 12.01am, 15 October 1992


The latest National Australia Bank Business Survey reports that survey respondents believe that there is ‘little prospect of significant reductions, over the coming years, in the current high level of unemployment".

The current rate of unemployment is 10.8%.

Indeed, the Bank goes on to say:

In brief, the results point to little change in employment in the twelve months to June 1993."

This is in direct contradiction to what Mr Keating and Mr Dawkins had to say today in Parliament.

In Question Time they both said they stood by the Budget forecast for unemployment to be at 10% by June 1993 and to fall below 10% by August 1993.

The NAB survey is a strong vote of no confidence by business in the Budget forecasts.

It confirms the more realistic assessment of Senator Button made earlier in the week.

The NAB survey says in detail:

'To a special question on expected employment, respondents on average reported a decline of 0.3% in the twelve months to June 1993 with falls in all states except South Australia. The mining sector gave the most pessimistic response, expecting an average 2% decline in employment through to June 1993. Only three sectors - finance, transport and recreation - expect a small increase in employment over the next twelve m onths'

Nationally, 42% of respondents said they did not expect an increase in employment in their organisation, while another 29% said there would be a decline in employment.

That is, 71% of respondents said there would either be no increase in employment or in fact a decline.

14 October 1992 Canberra


Contact: David Turnbull (06) 2774277 D165/92