Australian Unemployment Rate Hits 4.5% as Economy Slows Down

Australia's unemployment rate has risen to 4.5 per cent, according to the latest figures from the Australian Bureau of Statistics.

The data shows that employment fell by 16,000 people in July, while the number of unemployed rose by 4,000.

This outcome takes the jobless rate to 4.5 per cent, matching the forecast for year-end unemployment made by the Reserve Bank of Australia (RBA).

The RBA has been looking for the labour market to soften in order for inflation to get back under control, and it appears that this is happening.