Why finding a job is getting harder | The Business | ABC NEWS

Unemployment has risen to the equal highest level in nearly five years. Economists say the rise in the jobless rate is consistent with the Reserve Bank's expectation that economic conditions will gradually slow over the coming year, and it makes the chance of another interest rate hike less likely. William Buck chief economist Besa Deda says she thinks the RBA is done hiking interest rates. "We are starting to see economic activity weaken as a result of the three rate rises earlier this year, which are designed to bring inflation down, and you're starting to see that reflected in the labour market because ... hiring decisions and decisions to lay people off are made with a lag in terms of economic cycles." While the RBA thinks inflation is still too high, fewer Australians in work helps to ease price pressures in the economy. The number of employed people declined by 15,800 in July, driven by a large fall in part-time employment, and unemployment increased by 4,200 people. Employment Minister Amanda Rishworth said the labour market remained resilient despite some softening. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2026-08-20/unemployment-rate-hits-4-5-per-cent-july-australia-2026/107057666 Note: In most cases, our captions are auto-generated. #ABCNEWS #ABCNEWSAustralia