Australian unemployment rate rises to 5.3%

13:03, August 12, 2010      

Email | Print | Subscribe | Comments | Forum 

Figures released by the Australian Bureau of Statistics (ABS) on Thursday showed the jobless rate had surged in July after aggressive interest rate hikes.

The unemployment rate rose to 5.3 percent in July, from 5.1 percent in June, seasonally adjusted.

The number of people out of work increased as the labor market shed 4,200 full time jobs.

CommSec economist Craig James said the figures were not a surprise, particularly after several months of weakness in spending by consumers in the retail sector.

"We have seen indications of a softening economy and this has finally caught up with the jobs market," he said.

However, the figures also implied that interest rates were now likely to remain on hold for the foreseeable future, giving respite to mortgage holders.

"The good news from today's figures, in terms of interest rates, is that interest rates are clearly on hold until at least the end of the year," James added.

The Reserve Bank of Australia has raised rates six times since October 2009, with the last three coming in March, April and May.

While 27,000 part time jobs were created in July, leading to an overall rise in the total number of jobs created in the month, this was more a sign that businesses were being cautious about taking on full time staff.

Some 631,800 people were unemployed in July, up from 607,200 in June.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Staff members watch a screen showing the blast-off of the Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module at Beijing Aerospace Control Center, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Wang Shen)
  • Chinese President Hu Jintao watches the launch of Tiangong-1 space lab module at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Other members of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, including Wu Bangguo, Jia Qinglin, Li Changchun, Xi Jinping, Li Keqiang and Zhou Yongkang, are also present. (Xinhua/Rao Aimin)
  • The graphics shows the launch procedures of the carrier rocket of Tiangong-1 space lab module, Long March-2FT1 on Sept. 29, 2011. (Xinhua/Lu Zhe)
  • Image taken from Beijing Aerospace Control Center shows a Long March-2FT1 carrier rocket loaded with Tiangong-1 unmanned space lab module blasting off from the launch pad at the Jiuquan Satellite Launch Center in northwest China's Gansu Province, Sept. 29, 2011. (Xinhua)
  • On Sept. 28, tourists travel around the Mingshashan Scenic Area in Dunhuang, Gansu province by camel. With the National Day vacation right around the corner, more and more tourists from home and abroad are going to Dunhuang. Riding on a camel, they travel in the desert to enjoy the cities rare form of natural scenery. (Xinhua/Zhang Weixian)
  • Chinese forest armed forces work together with forest firefighters on Sept. 28. (Xinhua/Chai Liren)
Hot Forum Discussion