Australian Jobless Rate Hits Near Five-Year High

Australia's jobless rate hit its highest point since late 2021 in July, reaching 4.5%, according to data released by the Australian Bureau of Statistics on Thursday.

The report showed that net employment fell by 15,800 in July from June, when it jumped a revised 80,300. This was compared to a forecast for an increase of 15,000.

The jobless rate exceeded market expectations and the Reserve Bank of Australia's (RBA) prediction that it would be at 4.5% by the end of the year.

Ben Udy, lead economist for Oxford Economics Australia, said 'Today's data are a touch weaker than the bank had pencilled in and, together with yesterday's softer wage growth, keep the pressure off the RBA to hike anytime soon.'