Unemployment in Australia reaches 4.7%, its highest in nearly five years
Australia's unemployment rate has risen to 4.7%, the highest level in nearly five years, as the economy shed jobs in September. The data has sparked political debate over the government's economic management.
Why it matters
Rising unemployment and economic cooling influence central bank interest rate decisions and national political discourse.
Unemployment has reached 4.7% after the Australian economy shed jobs in September. Photograph: Steven Saphore/AAP Unemployment has reached 4.7% after the Australian economy shed jobs in September. Photograph: Steven Saphore/AAP Unemployment Unemployment in Australia reaches 4.7%, its highest in nearly five years Financial markets trimmed the probability of an RBA interest rate rise on 3 November to below 20% following the latest figures
Prefer the Guardian on Google Unemployment has reached 4.7%, its highest rate in nearly five years, slashing the chance of another Reserve Bank interest rate hike as the economy unexpectedly shed jobs in September.
The Australian Bureau of Statistics data showed the total number of employed Australians dropped by 39,300 jobs in the month, a surprise for economists who had expected employment to rise by 20,000.
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