Unemployment rises to a 10 year high

Unemployment has hit a 10 year high, as it rose to 5.4 percent in the December quarter up from 5.3 in the previous quarter. That means another 5000 people have joined the unemployment queue, taking the total to 165,000. The numbers were revealed just hours after the Warehouse group confirmed it is cutting 270 jobs. Chief forecaster for economics consultants Infometrics, Gareth Keirnan spoke to Lisa Owen.