Unemployment in September rose to 4.7 per cent for the first time in five years in a sign the Reserve Bank’s four interest rate rises this year are slowing the economy.
The jobless rate last month hit the highest level since October 2021 when Sydney and Melbourne were still in COVID lockdown with the Australian Bureau of Statistics releasing the figures on Thursday, just two days after the International Monetary Fund predicted a 4.7 per cent jobless rate for 2027.
More to come...