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Jeff Borland, Professor of Economics, The University of Melbourne

Unemployment in Australia hits a five-year high of 4.7%, making a rates hike less likely

Australia’s unemployment rate has hit a five-year high of 4.7% in September, official figures show. The last time it was higher was at the end of the COVID lockdowns in October 2021.

Throughout 2026, the seasonally adjusted unemployment rate has increased steadily, up from 4.1% in January. The warning signs of a slowing labour market are mounting.

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