Australian joblessness hits 5-year high at 4.7 per cent
Australia's unemployment climbed to 4.7 per cent, the highest in five years, reducing odds of a November Reserve Bank rate rise.
Australia's joblessness reached 4.7 per cent this week, marking its highest level in five years. The sharp rise has made a November interest rate hike a little less likely.
Tech stocks gained despite the weak jobs news. WiseTech rose after ASIC confirmed it would not take action against its founder over his alleged share trading.
- 4.7 per cent
- Unemployment rate
- 5-year high
- Rate level
- More than 1 per cent
- Market gain
- 69.4 US cents
- AUD exchange rate
Why it mattersA surprise rise in unemployment can shift the Reserve Bank's thinking on interest rates, affecting the economy's next moves.
AustraliaAustralians with mortgages could avoid higher loan repayments if the RBA pauses rate hikes as this unemployment data suggests.
Corroborated by7news.com.au
✓ Claims checked against the source and corrected before publish. checked 2 h ago
Open this story in InSnip →
