Australia's unemployment rate jumps to 4.5pc
Australia’s unemployment rate rose to 4.5 per cent in September (seasonally adjusted), up from 4.3 per cent in August, marking the highest rate since November 2021. The increase came amid a slowdown in employment growth: although about 14,900 jobs were added, the number of unemployed rose by around 33,900 as the labour force grew by about 48,800 and the participation rate ticked up to 67 per cent. Economists say the labour market is cooling, not collapsing and that the rise in unemployment means the Reserve Bank of Australia (RBA) may need to revisit its forecasts, although a rate cut in November is not yet assured.