Unemployment in Australia has risen to 4.5%—the highest level since the pandemic began
Australia’s unemployment rate rose to 4.5% in July, up from 4.4% in June. This is the highest rate in the post-COVID period based on trend data, according to ABC News Australia.
The number of employed people fell by 15,800 in July. The decline was driven by a significant reduction in part-time employment. At the same time, the number of unemployed people rose by 4,200.
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According to economists, the rise in unemployment is consistent with the Reserve Bank of Australia’s expectations of a gradual slowdown in economic conditions over the next year. The new data also reduces the likelihood of another interest rate hike.
David Bassanese, chief economist at BetaShares, noted that, combined with the slowdown in housing price growth and lower-than-expected inflation for the June quarter, these statistics provide further support for keeping rates unchanged at the meeting in late September.
