The Australian economy grew at one of its worst rates with unemployment expected to peak, according to a new report.
The Reserve Bank has tried to rein in inflation, which currently sits at 3.6 per cent, with two years of rate hikes but that has seemingly come at a cost to jobs and growth.
Deloitte’s employment forecasts report has found the economy is stagnating, after it saw the slowest growth since the early 1990s recession.
The report said the poor growth was increasingly evident through GDP, retail spending and the number of business insolvencies.
Deloitte Access Economics partner David Rumbens said the weak economy has finally bled through to the labour market through private sector hiring freeze.
