Australia's jobless rate hits 4.7%, misery index at post-pandemic peak
Unemployment reached 4.7% in September, the highest level since October 2021.
Australia's jobless rate climbed to 4.7% in September, wiping out progress made since 2023 and signalling a weakening labour market. The think tank CEDA measures economic misery by combining unemployment, inflation and interest rates.
The index has now returned to levels last seen in 2023, after briefly improving. The Reserve Bank raised interest rates to 15-year highs to fight inflation, which sits at about 4%, well above its 2-3% target.
CEDA expects this misery to stay elevated through at least the end of 2028, as high borrowing costs continue to squeeze household budgets. One bright spot: employment grew by about 177,000 jobs this year, and household savings remain above pre-pandemic averages.
- 4.7%
- Unemployment rate
- 4%
- Inflation
- 177,000
- Jobs added
- end of 2028
- Misery expected through
Why it mattersAustralian households face a prolonged squeeze on budgets, with no relief expected before 2029.
AustraliaHigher unemployment and interest rates are tightening household budgets across Australia for at least two more years.
✓ Claims checked against the source. checked 2 h ago
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