July unemployment rose to 4.5%, the highest since November 2021, as employment fell unexpectedly, defying forecasts.
Australia’s unemployment rate increased to 4.5% in July, up from 4.4% in June, as total employment contracted unexpectedly. The rise matches April’s level, marking the highest jobless rate since November 2021.
Markets had anticipated a stable or slightly lower rate, but the decline in employment drove the uptick. The result underscores weakening labor market conditions amid broader economic pressures.
No immediate market reaction was reported following the release.