Australian Unemployment Hits Post-Pandemic High

Australia's unemployment rate has reached its highest level since the COVID pandemic, increasing to 4.6% in August.

This marks a slight rise from July's 4.5%, according to data from the Australian Bureau of Statistics (ABS).

The growth in the national labor force resulted in an increase in participation rate to 67.1%, just shy of its all-time high of 67.2%.

RBA Governor Michele Bullock believes a modest unemployment rate between 4.5% and 5% could alleviate intensity within the labor market, helping ease inflationary pressures.

Economists expect the Reserve Bank to raise interest rates in response to rising unemployment and concerns about inflation.