Australia’s unemployment rate rises to its highest level in almost five years, with data pointing to a weaker labour market after September job figures. The change raises expectations that the Reserve Bank of Australia (RBA) may be less likely to pursue further interest-rate increases.
Multiple outlets link the move in unemployment to market sentiment around the RBA’s next steps. Bloomberg reports traders reduce their bets on additional rate hikes after higher unemployment and job cuts reported in September suggest the labour market is loosening. The Conversation notes markets view a rates hike on November 3 as less likely, though it remains possible. Other coverage frames the data as increasing pressure for the RBA to pause, while pointing out the result comes after the RBA’s most recent rate rise.
