Unemployment hits 4.6% with 28,200 job losses in August
Unemployment rose to 4.6 per cent in August, the highest rate in nearly five years.
Unemployment reached 4.6 per cent in August, the highest jobless rate in almost five years. In that month, 28,200 people lost their jobs.
The Reserve Bank had predicted this would not happen until June 2027. Unemployment reached this level ten months early.
Victoria had the highest state jobless rate at 5.2 per cent, followed by Tasmania at 5 per cent. Reserve Bank governor Michele Bullock recently said higher unemployment was necessary to bring inflation down.
The government now faces competing pressures: supporting jobless workers while controlling rising prices.
- 4.6 per cent
- Unemployment rate
- 28,200
- Jobs lost in August
- November 2021
- Highest rate since
- 10 months
- Months earlier than RBA prediction
Why it mattersJob losses reduce household incomes, and the RBA's bid to control inflation may require unemployment to climb further, pressuring families.
AustraliaJob seekers face a tougher market, and the RBA may raise interest rates again, raising costs for mortgages and loans across Australia.
Corroborated bythenightly.com.au
✓ Claims checked against the source. checked 9 h ago
