Up until sometime back, Australia's biggest fear was that the central bank might one day decide to hike the interest rates. But today, even after consecutive increases, the country seems to be doing just about alright. The main reason for this seems to be the rapid decline that has been lately recorded in the rate of unemployment.

On Wednesday, new official figures revealed that in March, the consumer confidence actually managed to rise, despite an increase in the interest rate that was announced last week, which was the fourth consecutive increase in a mere six months.

Although the fact is surprising, it is completely true, and the falling rate of unemployment seems to be the main reason for this.

Although the official labor force report is still awaited, which the Australian Bureau of Statistics will release on Thursday, the outlook is overall optimistic. Economists have predicted that the month of February has seen creation of about 10,000 new jobs, and the end jobless rate would be about 5.4%, a huge improvement considering the previous readings.

With the latest figures, it now might just be safe to say that the country is finally out of the clutches of recession, and even the lingering hurt that there was has managed to slowly fade away.

The jobless rate had improved in January as well, and a consecutive improvement is bound to be the much needed respite that the nation and its people have been looking for.