Australia Jobless Rate Hits Near Five-Year High

Australia's jobless rate has risen to its highest point since late 2021, hitting a near five-year high of 4.5% in July.

The Australian Bureau of Statistics reported that net employment fell by 15,800 in July from June, when it had jumped by a revised 80,300.

This unexpected decline was compared to a forecast for an increase of 15,000, with full-time jobs rising by 16,300.

The jobless rate has ticked up above the Reserve Bank of Australia's expectation that it will reach 4.5% by the end of the year.