Unemployment Rate Unexpectedly Rises to 4.5% in July

Australia's unemployment rate has unexpectedly risen to 4.5 per cent in July, as 15,800 people lost their jobs. The seasonally adjusted figure rose 0.1 per cent on the previous month in weaker-than-expected results released by the Australian Bureau of Statistics.

The number of unemployed people rose by 4200 to 691,500, while the participation rate dropped 0.2 per cent to 66.9 per cent.

Experts said it was still too early to say whether the figures would dramatically shift the Reserve Bank of Australia's position on interest rates.