Australia’s unemployment rate fell 0.1 per cent in September, further raising the possibility the Reserve Bank of Australia (RBA) will increase interest rates when it meets in November.
New data from the Australian Bureau of Statistics (ABS) showed that in September, the unemployment rate to 3.6 per cent in seasonally adjusted terms.
Kate Lamb, head of labour statistics at the ABS, said the number of unemployed people in Australia fell by around 20,000.
”With employment increasing slightly, by around 7000 people, and the number of unemployed people falling by around 20,000, the unemployment rate fell to 3.6 per cent in September,” Lamb said.
“It is important to remember that a fall in unemployment does not always mean much higher employment.
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“The fall in the unemployment rate in September mainly reflected a higher proportion of people moving from being unemployed to not in the labour force.”
Today’s decrease in the jobless rate further heaps pressure on the nation’s central bank, which has long maintained that the unemployment rate would likely rise as the economy cools.
Australia’s official cash rate target is 4.10 per cent and the RBA has held rates steady for four consecutive months.
