Victoria Drags National Unemployment Rate Up

Australia's unemployment rate ticked up to 4.5% in July, driven by a decline in employment numbers and an increase in unemployment.

The Australian Bureau of Statistics reported that the number of employed people decreased by 16,000, while the number of unemployed individuals rose by 4,000.

Victoria's unemployment rate remains significantly higher than other states, sitting at 5.1%, compared to NSW and Queensland's 4.2% and South Australia's 4.1%.

Ross Greenwood, News24 Business Editor, pointed out the disparity between Victoria's high unemployment rate and the national average, stating that if Australia had an unemployment rate of 5.1%, the Reserve Bank of Australia would likely cut interest rates.