Australia's Unemployment Rate Hits Post-COVID Era High

Australia's unemployment rate has risen to its highest level since the COVID-19 pandemic, according to new data. The national unemployment rate increased to 4.6 per cent in August, up from 4.5 per cent in July. This marks a post-COVID era high for Australia's jobless rate.

Reserve Bank of Australia (RBA) governor Michele Bullock has stated that an unemployment rate between 4.5 and 5 per cent would help to ease pressure on inflation. However, the recent increase in the labour force by 67,700 people has pushed the participation rate up to 67.1 per cent.

The labour force growth was due to an additional 39,500 people finding employment and 28,200 more being recorded as unemployed. This trend suggests that despite rising unemployment, many Australians are still entering the workforce.