The unemployment rate<\/a><\/p>\nWith Jim Chalmers, the treasurer, in Bangkok for meetings with G20 finance ministers, shadow treasurer Tim Wilson attacked the government for its economic management.<\/p>\n
\u201cThe consequences of the Albanese economic model are now laid bare for everybody to see: higher unemployment, higher taxes, higher spending, higher inflation, and higher interest rates,\u201d Wilson said.<\/p>\n
Prime minister Anthony Albanese, in parliament, argued Australia\u2019s unemployment remained low by historical standards.<\/p>\n
\u201cThis government has the lowest unemployment rate of any government in 50 years,\u201d he said.<\/p>\n
The ABS figures would have shown the jobless rate ticking higher last month had it not revised up the August figure from 4.6% to 4.7%. Unemployment started the year at 4.1%.<\/p>\n
Full-time employment increased by 34,400 in September, but this was more than offset by a sharp drop in part-time employment of 73,700.<\/p>\n
Signs that the labour market is deteriorating more quickly than anticipated lowered the chance of an RBA interest rate hike on Melbourne Cup day.<\/p>\n
Pricing in financial markets showed the probability of a rate rise on 3 November dropped to below 20% following the latest figures, from about 35% earlier this morning, according to Bloomberg.<\/p>\n
But economists were more circumspect, warning it was too early to rule out a fifth rate hike for the year.<\/p>\n
KPMG\u2019s Rynne said he still believes the nation is heading for a Melbourne Cup day rise.<\/p>\n
\u201cWhile today\u2019s numbers show a slowing in the labour market, it is unlikely to be considered sufficient to take enough demand out of the economy to slow inflation and bring it back to the 2.5% target level anytime soon,\u201d he said.<\/p>\n
Krishna Bhimavarapu, an economist at State Street Investment Management, said the \u201churdle\u201d for another rate hike had \u201crisen materially\u201d after the latest jobs numbers.<\/p>\n
\u201cBut we would not take further tightening off the table,\u201d Bhimavarapu said.<\/p>\n
Underemployment, which includes those with jobs but trying to find more work, lifted to 6.3% in September, from 6.2%.<\/p>\n","protected":false},"excerpt":{"rendered":"Unemployment has reached 4.7% and its highest in nearly five years, slashing the chance of another Reserve Bank…\n","protected":false},"author":2,"featured_media":928698,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[64,63,44],"class_list":["post-928697","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-au","tag-australia","tag-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/928697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=928697"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/928697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/928698"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=928697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=928697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=928697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}