Australia Unemployment Holds at 4.7% as Employment Falls
September data showed fewer people employed and a lower participation rate, while an economist expects joblessness to keep rising.
Key takeaways
- Australia’s unemployment rate remained at 4.7% in September.
- An estimated 39,300 fewer people were employed, and the participation rate fell to 66.8%.
Australia’s seasonally adjusted unemployment rate stayed at 4.7% in September, after August’s figure was revised higher. The rate is at its highest level in the post-COVID era, according to the report.
An estimated 39,300 fewer people were employed, while the number officially unemployed rose by 8,900. The participation rate, which measures people working or actively looking for work, fell to 66.8% from 67%.
Oxford Economics Australia economist Oscar Guth expects unemployment to exceed 4.8% late in 2027, as the effects of oil price shocks and tighter monetary policy continue to reach the labour market. He said the Reserve Bank should have more time to assess inflation data before raising rates again.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
