Australia Jobless Rate Hits Near Five-Year High at 4.5% in July

The Australian jobless rate reached its highest point in nearly five years at 4.5 per cent in July, according to data released on Thursday.

The employment figure fell by 15,800 in July from June, which was a revised increase of 80,300, contrary to the forecasted rise of 15,000.

Despite this unexpected drop, full-time jobs increased by 16,300 in July, while the jobless rate exceeded the Reserve Bank of Australia's (RBA) prediction that it would reach 4.5 per cent by the end of the year.

The Australian dollar dropped by 0.2 per cent to US$0.7111 following the release of these figures.

Economists, such as Ben Udy from Oxford Economics Australia, believe that this data 'keep[s] the pressure off the RBA to hike anytime soon', particularly considering yesterday's softer wage growth and the volatile nature of the monthly jobs data.