Australia's jobless rate climbs to 4.5%, highest since post-COVID period
The national unemployment figure rose to 4.5% in July, up from 4.4% in June, marking the highest level in the post-COVID era.
July data show Australia's unemployment rate edged higher to 4.5%, a rise of 0.1 percentage point from the previous month. The increase coincided with a loss of 15,800 jobs, driven largely by a drop in part-time positions, while the number of unemployed grew by 4,200. Economists link the trend to the Reserve Bank's forecast of a gradual economic slowdown, reducing the likelihood of further rate hikes. BetaShares chief economist David Bassanese noted that weaker house prices and softer inflation also support a pause in policy changes at the upcoming September meeting.
Why it matters
Rising unemployment signals a slowing economy and may keep interest rates steady, affecting households and investors.
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