Australia's unemployment rate keeps slowly drifting higher.Data show the national unemployment rate rose to 4.5 per cent in July, up from 4.4 per cent in June.The unemployment rate has not been this high in the post-COVID era, in trend terms.Economists say the rise in unemployment is consistent with the Reserve Bank's expectation that economic conditions will gradually slow over the coming year, and it makes the chance of another interest rate hike less likely.The number of employed people declined by 15,800 in July, driven by a large fall in part-time employment, and unemployment increased by 4,200 people."Along with slowing house prices, and the recent lower-than-expected June quarter inflation result, it's another reason to expect the RBA to remain benched at the upcoming late-September policy meeting," David Bassanese, chief economist at BetaShares, said.
Unemployment rate hits 4.5pc, the highest level in post-COVID era
Australia's unemployment rate hits 4.5pc in July, the highest level in the post-COVID era, reducing the chance of another rate hike in September.
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