Australian Unemployment Rate Surges Amid Strong Job Growth

Australia's jobless rate unexpectedly rose to 4.6% in August, marking its highest level since late 2021, despite employment growing by 39,500 positions.

The paradox reflects a record-high labor force participation rate of 67.1%, as more Australians entered the job market.

Full-time positions fell by 6,300 while part-time roles surged by 45,600.

The data released ahead of the Reserve Bank of Australia's September 29 policy meeting did little to alter market expectations for a fourth rate hike this year.

Governor Michele Bullock has indicated that unemployment in the 4.5% to 5% range may be needed to restrain inflation, which remains at 3.6%, well above target.