Unemployment climbs to highest level in almost five years
Australia's unemployment rate has risen to 4.5%, the highest level in nearly five years. This increase is attributed to the ongoing Iran War, rising inflation, and recent interest rate hikes by the Reserve Bank. The job market has seen a significant decline in total employment, with a notable drop in full-time positions.
- ▪The Australian Bureau of Statistics reported an increase in the jobless rate from 4.3% to 4.5%.
- ▪Total employment fell by 18,600 in the month, with a loss of 10,700 full-time jobs.
- ▪The jobless rate is highest in Tasmania at 5%, while New South Wales experienced a loss of 44,000 jobs.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.