NSW jobless rate hits 5-year high of 4.7 per cent
NSW unemployment jumped to 4.7 per cent in September, the worst since November 2021, with 223,000 people now seeking work.
The state's unemployment rate has climbed sharply since June when it was 4 per cent, driven by three major economic headwinds. Rising interest rates have cut spending power and job demand.
Petrol prices have squeezed household budgets, and house prices in Sydney have fallen 8.6 per cent from their February peak. Full-time male employment was hit especially hard, dropping by more than 31,000 since June.
The Reserve Bank has raised rates three times this year and lifted the official cash rate to a 15-year high of 4.6 per cent in late September, threatening further job losses. NSW is more sensitive to rate rises than other states because of higher house prices and mortgage burdens relative to income.
- 4.7 per cent
- Current jobless rate
- 223,000
- People seeking work
- 34,000
- Three-month jobs loss
- 4.6 per cent
- Cash rate reached
Why it mattersWeaker job prospects mean fewer hours and harder hiring for workers, and higher joblessness may now slow further rate rises, keeping interest payments from climbing as steeply.
AustraliaNSW workers face tougher competition for jobs and hours. The weakening labour market could force the Reserve Bank to pause rate increases, easing pressure on mortgage holders across Australia.
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