Australia's Jobless Rate Hits 4.6% as Markets Still Price 90% Odds of RBA Hike
Updated
Updated · ABC News · Sep 24
Australia's Jobless Rate Hits 4.6% as Markets Still Price 90% Odds of RBA Hike
3 articles · Updated · ABC News · Sep 24
Summary
Australia’s unemployment rate rose to 4.6% in August from 4.5% in July, the highest of the post-COVID era, even as 39,500 more people found work.
A 67,700 increase in the labour force pushed participation up to 67.1%, with 28,200 more people counted as unemployed after employment growth failed to match new entrants.
Economists said the data are unlikely to deter the Reserve Bank at its Sept. 28-29 meeting, with markets pricing a 90% chance of a 0.25-point rate rise and some expecting another move in November.
Rising prices and higher borrowing costs appear to be drawing more Australians into work or second jobs, while the RBA also warns that AI-driven data-centre construction is adding to near-term inflation pressure.
ACOSS urged policymakers to avoid pushing unemployment toward 5% or 6%, calling that outcome a human disaster and arguing the government should shoulder more of the inflation fight.