New figures show Australia’s seasonally adjusted unemployment rate unexpectedly rose to 4.3% – its highest level since late 2021 – in June this year, up from 4.1% in May.
While this is bad news, it’s not as bad as it might seem. Higher unemployment came from more people looking for work. In the long run, that’s good for the economy.
And these figures also make it more likely we’ll see an interest rate cut next month – which is now looking overdue.
