Finding work could be increasingly difficult | The Business | ABC NEWS

Unemployment has risen to the highest level since November 2021. But it was more people looking for work than losing their jobs that pushed up the numbers. The jobless rate rose to 4.6 per cent, up from 4.5 per cent in July.

39,500 more people found work. Employment minister Amanda Rishworth said “Australia’s job market is incredibly resilient and indeed is incedibly strong compared to countries around the world.”

EY regional chief economist, Cherelle Murphy said “the RBA unfortunately is going to have to see some deterioration in the jobs market before it can be convinced that the inflation number is coming down.”

On Tuesday, RBA governor Michele Bullock said she thought an unemployment rate of somewhere between 4.5 and 5 per cent would “take enough heat out of the labour market” to ease pressure on inflation. Unions say that can only mean mass job cuts. ACTU secretary Melissa Donnelly said “based on today’s figures, Michele Bullock’s prediction would mean more than 55,000 more workers out of employment. That’d be catastrophic for those workers, their families and the community.”

The employment report was the last major bit of data before the Reserve Bank meets next week to decide on interest rates. It’s all but set the stage for a fourth interest rate hike on Tuesday. Independent economist Alan Oster said “given the signalling that the governor and the deputy governor have given to markets, it’s pretty obvious that they’re still going to increase rates next week.”
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