Australia’s unemployment rate jumps to 4.5% in ‘tentative signs labour market is buckling’

Australia's economy is facing a sudden setback, with a surprise jump in the unemployment rate to 4.5% in April, its highest level in nearly four-and-a-half years. The unexpected decline of 18,600 employed people in the month has sparked concerns that rising interest rates and the global oil crisis are starting to take a toll on the nation's economic growth. The Australian Bureau of Statistics' latest figures have dealt a blow to the Reserve Bank, which was already under pressure to delay further interest rate hikes. With the June meeting just around the corner, the central bank may now be inclined to hold off on another rate increase, potentially providing some relief to households and businesses struggling with the rising cost of living.

Surprise rise in jobless rate will give Reserve Bank more reason to delay another interest rate hike at June meetingFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAustralia’s unemployment rate has jumped to 4.5% in April to reach the highest in about four-and-half-years, amid fears rising interest rates and the global oil crisis will smash economic growth.The number of employed people unexpectedly fell by 18,600 in the month – the first decline this year – dragging the jobless rate up from 4.3%, according to the Australian Bureau of Statistics. Continue reading...