Unemployment Hits 4.5% as Australia's Economy Slows

Australia's unemployment rate has risen to 4.5 per cent, according to new data from the Australian Bureau of Statistics.

The seasonally adjusted employment figures show that 16,000 people lost their jobs in July, while the number of unemployed rose by 4,000.

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

The RBA's higher interest rates are seen as doing their job in bringing inflation under control, and this could mean that further rate hikes may not be necessary.