Australian Unemployment Rate Hits 4.6% in Surprise September Spike

The Australian unemployment rate has unexpectedly risen to its highest level since 2021, reaching 4.6% in September. This marks an increase from the previous month's rate of 4.5%, according to data released by the Australian Bureau of Statistics on Thursday.

The unexpected rise in joblessness has done little to change the Reserve Bank of Australia's plans for an interest rate hike next week, with economists predicting that the labour market will continue to soften further.

Despite 39,500 people finding work, the unemployment rate has increased due to a larger number of new entrants to the workforce. This has led some experts to question whether the RBA's decision to raise interest rates will have the desired effect on the economy.