Australia Unemployment Rate Hits 4.5% as Part-Time Work Falls

Australia's unemployment rate rose to 4.5% in July, higher than expectations of remaining unchanged at 4.4%, according to the Australian Bureau of Statistics (ABS) labour force data.

The employment decline was led by a fall in part-time work, which dropped by 32,200 people, while full-time employment rose by 16,300. Males accounted for most of the decline in employment, with 11,000 fewer men employed compared to July last year.

ABS head of labour statistics Sean Crick attributed the fall in employment largely to males, noting that part-time work decreased by 10,000 while full-time employment fell by 1,000. Female employment also declined by 5,000, with a significant drop in part-time jobs.

The participation rate slipped by 0.2 percentage points to 66.9%, and the underemployment rate remained steady at 6.4%. The Australian dollar and government bond yields moved lower following the release of the weaker-than-expected jobs figures.