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Live updates: Another RBA rate hike not ruled out as economists dig into unemployment data
The unemployment rate has reached a 5-year high as part-time employment plunged by 73,700.
Statistically, though, the jobless rate has remained steady at 4.7 per cent as the August unemployment rate was revised upward.
Some economists view the increase in the unemployment rate as insufficient to prevent another RBA interest rate hike on Melbourne Cup Day.
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The S&P/ASX 200 has closed down just 8.20 points, or 0.1% lower to 8,719 index points.
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Unemployment in Australia hits a five-year high of 4.7%, making a rates hike less likely
Australia’s unemployment rate has hit a five-year high of 4.7% in September, official figures show. The last time it was higher was at the end of the COVID lockdowns in October 2021.
Throughout 2026, the seasonally adjusted unemployment rate has increased steadily, up from 4.1% in January. The warning signs of a slowing labour market are mounting.
A weaker jobs market makes it more likely the Reserve Bank of Australia can wait before moving to raise interest rates again. After the latest jobs figures came out, market expectations of an interest rate rise in early November fell, from 30% tipping a rate rise to just 18%.
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The Australian sharemarket pared earlier losses after a softer than expected employment report suggested the central bank may not need to raise borrowing costs further to manage inflation.
The S&P/ASX 200 Index was down 13.3 points, or 0.2 per cent, to 8714.6 by 1.45pm AEDT. The gauge earlier dropped as much as 0.9 per cent, dragged lower by a heavy sell-off in tech stocks on Wall Street after a hotter-than-expected US inflation report spooked the market about higher rates.
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