16/10/2026
UNEMPLOYMENT REACHES 4.7%
The Reserve Bank of Australia (RBA) has a difficult balancing act ahead, following the release of the latest unemployment figures.
Australia's unemployment rate reached 4.7% in September, up from 4.6% in August and the highest level in nearly five years, according to the Australian Bureau of Statistics.
The number of employed Australians fell by 39,300 during September, although full-time employment actually increased by 34,400.
These figures matter because the RBA has two important objectives – keeping inflation under control and supporting full employment.
After four cash rate increases this year, taking the rate to 4.60%, there are signs that higher borrowing costs are weighing on economic activity.
The RBA will now need to consider whether another rate rise is necessary to contain inflation, or whether doing so risks weakening the jobs market further.
The latest data strengthens the case for leaving rates unchanged at its November meeting.