Australia’s unemployment rises to 4.6% in August — ABC News Australia
Australia’s unemployment rate rose to 4.6% in August, compared with 4.5% in July. The figure increased both on a seasonally adjusted basis and in trend data, ABC News reports.
Highest level since the pandemic
According to the outlet, this is the country’s highest unemployment rate in the period after COVID-19. The report notes that the national unemployment rate continued to rise gradually in August.
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Reserve Bank assessment
Reserve Bank of Australia Governor Michele Bullock previously said that unemployment between 4.5% and 5% could sufficiently ease pressure in the labour market and reduce inflationary pressure.
Over the past few weeks, all four of Australia’s largest banks and most money market participants have said they expect the Reserve Bank to raise interest rates next week. As ABC News notes, such a move could be aimed at restraining economic activity and inflation.
