Aug 20, 2026 – 11.53amAustralia’s unemployment rate climbed to its equal-highest level in almost five years last month, as a softening economy shed 15,800 jobs on the back of higher interest rates.The weaker than expected figures sparked concerns that the labour market is deteriorating faster than anticipated after three interest rate rises by the Reserve Bank of Australia.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Jobless rate unexpectedly rises to 4.5pc
The rise in unemployment, coupled with a fall in the number of people who found employment, suggests the labour market is cooling at a faster rate than expected.
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