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Latest data also shows unemployment at highest level since the pandemic, which analysts doubt will stop RBA hiking interest rates Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Australians are “scrambling” to find more work to cover soaring living expenses and prepare for higher mortgage costs, economists say, after new data showed unemployment ticked up to its highest rate since the pandemic. The key jobless figure lifted to 4.6% in August, from 4.5% the month before, according to the Australian Bureau of Statistics. Analysts had predicted unemployment to remain steady, but said the unexpected increase would not be enough to stop the Reserve Bank from hitting mortgage holders with a fourth interest rate hike next Tuesday. If raised – as is widely expected – the RBA’s cash rate will go from 4.35% to 4.6% – its highest in nearly 15 years. Central bank officials over recent days and weeks have repeatedly warned that inflation, at 3.5%, remains too high and does not appear to be tracking lower, as hoped. As higher fuel costs threaten to add to price pressures amid the ongoing US-Israel war on Iran, experts and the financial markets are predicting a good chance the central bank could hike again on Melbourne Cup day.
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Latest data also shows unemployment at highest level since the pandemic, which analysts doubt will stop RBA hiking interest rates Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast Australians are “scrambling” to find more work to cover soaring living expenses and prepare for higher mortgage costs, economists say, after new data showed unemployment ticked up to its highest rate since the pandemic. The key jobless figure lifted to 4.6% in August, from 4.5% the month before, according to the Australian Bureau of Statistics. Analysts had predicted unemployment to remain steady, but said the unexpected increase would not be enough to stop the Reserve Bank from hitting mortgage holders with a fourth interest rate hike next Tuesday. If raised – as is widely expected – the RBA’s cash rate will go from 4.35% to 4.6% – its highest in nearly 15 years. Central bank officials over recent days and weeks have repeatedly warned that inflation, at 3.5%, remains too high and does not appear to be tracking lower, as hoped. As higher fuel costs threaten to add to price pressures amid the ongoing US-Israel war on Iran, experts and the financial markets are predicting a good chance the central bank could hike again on Melbourne Cup day.
