Australia’s unemployment has risen to 4.7% in September for the first time since 2021, with an estimated 39,300 fewer people in work compared with the previous month.
The drop in employment stemmed from a 73,700 fall in the number of Australians employed part-time, while an additional 34,400 people found full-time work (AFR).
The participation rate has also dropped, preventing the overall unemployment rate from pushing even higher (The Age).
“The Albanese government is kneecapping Australians who simply want to get on with their lives, and they are paying a very heavy price because of the Albanese government’s active inflation agenda,” Shadow Treasurer Tim Wilson said on Thursday (AFR).
The latest figures have decreased the chances of an interest rate hike before Christmas. The jobless rate is now well above the RBA’s most recent forecast, which had unemployment climbing to 4.5% by year’s end (The Age).