Australia's Unemployment Rate Reaches Near-Five-Year High Amid Rising Costs of Living

Australia's unemployment rate has risen to its highest level in almost five years, reaching 4.6% in August, according to the Australian Bureau of Statistics.

The unexpected increase is attributed to a higher proportion of people who were previously not in the labour force moving into unemployment compared to recent years, said ABS head of labour statistics Sean Crick.

Despite the rise, forecasters and economists are still predicting that the Reserve Bank will hike interest rates for a fourth time at its upcoming board meeting, with RBA governor Michele Bullock stating that an unemployment rate between 4.5% and 5% would be needed to ease pressure on inflation.