The OECD has released its Employment Outlook 2013, which contains a forecast of a stable, relatively low unemployment rate for Australia at 5.5 per cent and a grim forecast of persistent, high unemployment in the Euro area of over 12 per cent, as shown in this OECD chart of current and projected unemployment rates:

Regarding the big economic news in Australia today, the early transition from a fixed carbon price to an emissions trading scheme linked with the European market (with a much lower carbon price), I think the Government has made the right decision, and it’s good news particularly for the Queensland economy. As I’ve discussed previously, Queensland is more vulnerable to a high carbon price than other States:

UQ study confirms carbon tax will hit Qld the hardest

Queensland has to make the biggest adjustment to carbon price