RBA's Higher Interest Rates Bring Unemployment Rate Back into Forecast

Australia's unemployment rate has risen to 4.5%, according to the latest figures from the Australian Bureau of Statistics.

The data, released on August 20th, shows that employment fell by 16,000 people in July, while the number of unemployed rose by 4,000.

This outcome takes the jobless rate to 4.5%, matching what the Reserve Bank of Australia (RBA) had forecast for year-end unemployment.

The RBA's higher interest rates are seen as doing their job in slowing down the economy and reducing inflation.