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Unemployment set to drop

AUSTRALIA’S unemployment rate should fall to about 6.1 per cent by the last quarter of 2001, according to the latest Western Australian Quarterly Bulletin of Economic Trends, which is published jointly by Curtin University of Technology and the University of Melbourne.

The Australian economy has been forecast to grow by more than 4.7 per cent over the course of 2000/2001, driven largely by a pick-up in business investment over the latter part of this year.

For each quarter of 2000/2001, economic growth is expected to be more than 4.3 per cent on an annual basis.

The report predicts this growth will be reflected in unemployment rates which are estimated to drop from 6.8 per cent in March this year to 6.4 per cent.

On the down side, the report highlights rising inflation as a potential threat to Australia’s growth.

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