Australian Unemployment Rate Hits Highest Since Late 2021

Australia's unemployment rate rose to its highest level since late 2021 in July, according to data released by the Australian Bureau of Statistics. The jobless rate ticked up to 4.5%, surpassing the expected 4.4%.

The report showed a net fall of 15,800 jobs in July compared with June, when employment had surged by a revised 80,300. Analysts had forecast an increase of 15,000, but full-time positions did rise by 16,300.

The Reserve Bank of Australia (RBA) has judged that the labour market has softened somewhat, a factor behind its decision to hold the policy rate at 4.35% last week after three hikes this year. Data released on Wednesday showed wages grew at a moderate pace for a fifth consecutive quarter.