RBA signaled to pause rate hikes as unemployment reaches five‑year high
Australia's Reserve Bank of Australia is being urged to hold off further interest‑rate increases after jobless figures rose to their highest level in five years in September. The data suggests a cooling labour market ahead of the bank’s next policy decision.
First reported 1 hour ago · latest update 1 hour ago
Economists had been expecting the unemployment rate to remain steady after it lifted in August.
The result was driven by NSW where the unemployment rate jumped by 0.4 percentage points to 4.7 per cent.
NSW shed 35,000 jobs during the month, while its jobless rate has now reached a near-5 year high. In June, the state’s jobless rate was just 4 per cent.
Unemployment eased in Victoria, by 0.1 per cent to 5.1 per cent, and in South Australia where it dropped by half a percentage point to 4.2 per cent.
Total employment in Queensland eased slightly, but the state has put on 37,700 jobs over the past 12 months, compared to 34,700 in Victoria and 51,900 in NSW.
Citations · 2 reports from 2 outlets
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RBA on notice to hold off on rate rises as jobless rate hits 5-year high
Unemployment lifts in September, before the Reserve Bank’s most recent rate hike.
1 hour ago · Shane WrightRBA on notice to hold off on rate rises as jobless rate hits 5-year high
Unemployment lifts in September, before the Reserve Bank’s most recent rate hike.
1 hour ago · Shane Wright