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The Guardian - AU
The Guardian - AU
Business
Patrick Commins Economics editor

Unemployment in Australia reaches 4.7%, its highest in nearly five years

Unemployment RBA
Crowds of people on a street in Sydney's CBD
Unemployment has reached 4.7% after the Australian economy shed jobs in September. Photograph: Steven Saphore/AAP

Unemployment has reached 4.7%, its highest rate in nearly five years, slashing the chance of another Reserve Bank interest rate hike as the economy unexpectedly shed jobs in September.

The Australian Bureau of Statistics data showed the total number of employed Australians dropped by 39,300 jobs in the month, a surprise for economists who had expected employment to rise by 20,000.

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