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Unemployment rate rises to highest level since the pandemic as jobs market cools

On Thursday, data showed Australia's jobless rate rose to 4.3% in June, the highest since November 2021, highlighting labour market loosening.
With hiring nearly stalled, Australian Bureau of Statistics reports only 2,000 part-time jobs added, and consumer confidence remains tepid, increasing economic pressure.
Despite rising joblessness, Oxford Economics' Harry Murphy Cruise noted the need to 'get a wriggle on' for faster rate cuts to support the economy.
Jim Chalmers said rising unemployment to 4.7% in June increases pressure on the RBA's August meeting to consider a rate cut.
The weekly labour market data, last reported earlier this week, shows challenges ahead; Oxford Economics' Harry Murphy Cruise warned of upcoming difficulties, and AMP economist My Bui forecast four more rate cuts into 2026.

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