An unexpected unemployment rate rise puts the RBA odds-on to cut the cash rate – but it’s a headache for Jim Chalmers

In the face of an unexpected jump in the unemployment rate figures, Jim Chalmers put out a statement correctly pointing out that the rate is ‘still very low by historical standards’. Photograph: Darren England/AAP

Hear that? That’s the sound of the jobs market creaking, if not cracking.

Australia’s unemployment rate unexpectedly jumped to a four-year high of 4.5% in September, up from 4.3% the month before.