
Australia's unemployment rate climbs to 4.6%, highest since 2021, as Bullock defends the RBA's rate hike logic
Unemployment climbed to 4.6% in August, the highest since November 2021 and above the Reserve Bank's forecast.
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RBA Governor Michele Bullock: Bullock "still believed the labour market was a little tight" and backed all nine board members voting to raise the cash rate to 4.6% in September.
Westpac economist Ryan Wells: Wells says "slack is continuing to build in the labour market" even as headline employment growth looks solid, suggesting rate rises are having unexpected effects.
Next · Tuesday: RBA September meeting minutes released, showing whether board members discussed rising unemployment against the decision to keep tightening.
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