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Australia’s unemployment rate hits five-year high in August as more seek work
Net employment rose 39,500, but more people entered the labour force and pushed the jobless rate to a five-year high, the ABS said.
- On Thursday, the Australian Bureau of Statistics reported the national unemployment rate climbed to 4.6 per cent in August, the highest level since late 2021, despite net employment rising 39,500.
- Reserve Bank Governor Michele Bullock recently stated an unemployment rate between 4.5 and 5 per cent would "take enough heat out of the labour market" to ease inflationary pressures.
- The participation rate climbed to 67.1 per cent as more Australians entered the workforce, while underemployment eased to 6.2 per cent, reflecting a labour market that remains tight.
- Financial markets have priced in a 95 per cent chance the Reserve Bank of Australia will raise interest rates next week, marking the fourth hike this year.
- Core inflation remains at 3.6 per cent, well above the Reserve Bank's target range of 2 to 3 per cent, complicating its dual mandate of controlling prices while maintaining employment.
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Total News Sources14
Leaning Left1Leaning Right3Center4Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
13%
C 50%
R 37%
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