Australia's unemployment rate remained at 4.7% in September after August's figure was revised upward, marking the highest level since the post-COVID era in seasonally adjusted terms, with 39,300 fewer people employed and 8,900 more unemployed, while labor force participation unexpectedly dropped to 66.8%.
AI-generated summary
Australia's labor market has shown signs of cooling after strong post-pandemic recovery, with unemployment edging up from recent lows.
Australia's unemployment rate remained at 4.7 per cent in September, after August's jobless rate was revised upwards.
It means the national unemployment rate remains at its highest level in the post-COVID era, in seasonally adjusted terms.
An estimated 39,300 fewer Australians were in work last month, and the number of unemployed people increased by 8,900.
The proportion of people in work or actively looking for work also surprisingly fell to 66.8 per cent, from 67 per cent.
In trend terms, the national unemployment rate remained at 4.6 per cent.
AI outlook — possibilities, not facts
The Reserve Bank of Australia may pause or delay further interest rate increases due to weakening labor market conditions
Possible · Within weeks
Resources Minister Madeleine King stated that nationalising Northern Minerals, a Perth-based heavy rare earths company, remains an option for the Australian government as China-linked investors continue to defy divestment orders. The company is developing the Browns Range project in Western Australia and is seen as vital to breaking China's dominance in critical minerals supply chains, with potential funding from the US Export Import Bank. King confirmed investors have not complied with divestment directives and may have avoided fines, emphasizing that failure to follow government decisions is a serious matter.
Regional Express (Rex) has indefinitely suspended flights to and from Sydney, Port Macquarie and Orange from October 25, less than a year after being acquired by US-based Air T with federal government support. The decision, described as a shock by local officials, follows commitments made by Air T to maintain regional services in exchange for a $168 million government package. Mayors of Port Macquarie and Orange warn of economic impacts, while Rex cites high fuel prices and low demand as reasons for the suspensions, stating it will monitor conditions for potential reinstatement.
Administrators allege Australian Off Road (AOR) traded while insolvent from at least June 2023, with debts rising to $14 million and nearly 50 customers at risk of losing $2.25 million in progress payments for unbuilt caravans. Director Russell Evans is proposing a $2 million buyout to resurrect the business, while investigations continue into insolvent trading, dishonesty, and improper use of position.
A Senate inquiry into Australia Post's retail network is assessing the future of licensed post offices, with advocates warning that aging licensees and shifting community needs threaten their survival, particularly in rural areas like Tarpeena, South Australia, where the local post office closed in 2022, leaving residents 20 km from the nearest service.
Australia's competition regulator has filed civil proceedings against Sunny Queen and 11 other egg producers, alleging they coordinated on production, supply, and property purchases since October 2020 to reduce competition, marking the first concerted practice case under laws introduced in 2017.
Oil prices climbed overnight due to attacks on Saudi Arabia, overshadowing hopes for supply improvements. The US dollar rose to near an 18-month high as expectations for higher Federal Reserve interest rates to combat inflation grew, driven by strong US energy costs and inflation data. Investors awaited September inflation figures and the start of third-quarter earnings, with major US banks reporting tomorrow. Market implied odds show only a 19% chance of a Fed rate hike this month, rising to 71% for a 25-basis-point increase in December.