Business · Economy · 1 hr ago
Australia’s unemployment rate reaches a five-year high of 4.7%
Australia’s unemployment rate rose to 4.7% in September, its highest level since October 2021.
Employment fell by 39,300, while the number of unemployed people increased by 8,900, according to the Australian Bureau of Statistics.
The figures were weaker than expected: economists had forecast employment to increase by 20,000.
The jobless rate has risen 0.6 percentage points since the start of the year and is already above the Reserve Bank of Australia’s 4.5% forecast for the December quarter.
The central bank says labour market conditions have eased, and its staff are concerned that weak productivity may mean unemployment needs to be higher to keep inflation stable.
The figures point to a softer labour market as inflation remains a concern for Australia and other economies.
Treasurer Jim Chalmers is due to attend the IMF-World Bank annual meetings in Bangkok, where he will call for an end to the Middle East conflict, which he says is pushing up fuel prices, inflation and interest rates.
Australia’s unemployment rate was 4.7 per cent in September, its highest level in five years, according to the Australian Bureau of Statistics.
The rate remained at 4.7 per cent after August’s figure was revised up from 4.6 per cent.
Employment fell by 39,300, while the number of unemployed people rose by 8,900.
The participation rate fell to 66.8 per cent from 67 per cent.
In trend terms, the unemployment rate remained at 4.6 per cent.
- Who
- Australian workers and jobseekers.
- What
- The unemployment rate was 4.7 per cent in September, a five-year high.
- When
- September 2026. The figures were reported on Thursday, October 15.
- Where
- Australia.
- Why
- Not stated
This story does not have two clearly opposing sides.
The unemployment rate began a gradual easing trend and rose by 0.6 percentage points from the start of the year.
The unemployment rate was revised upward from 4.6 per cent to 4.7 per cent.
Employment fell by 39,300 and the number of unemployed people increased by 8,900.
The Australian Bureau of Statistics reported the September labour force figures.
- September unemployment rate
- 4.7 per cent
- Previous month
- August rate revised from 4.6 per cent to 4.7 per cent
- Employment change
- Down 39,300 in September
- Change in unemployed people
- Up 8,900 in September
- Participation rate
- 66.8 per cent, down from 67 per cent
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What people are saying
This follows from last month when a higher proportion of people who were previously not in the labour force moved to being unemployed.
having a devastating economic impact and is pushing up fuel prices, inflation and interest rates around the world