Australia’s labour market is showing signs of weakening, with unemployment reaching its highest level in five years. Official figures show that the number of unemployed people increased by 34,000 over three months, reaching 223,000.
 

According to the Australian Bureau of Statistics, the unemployment rate rose from 4 per cent to 4.7 per cent. The figures have raised concerns about the economic outlook, particularly in New South Wales, Australia’s most populous state.
 

Rising interest rates, higher petrol prices and falling property prices have put additional pressure on the state’s economy and employment market.
 

The decline in full-time employment has been particularly concerning. Since June, the number of men employed in full-time jobs has fallen by 31,000. The total number of employed people in New South Wales has also dropped to its lowest level since January.
 

The Reserve Bank of Australia raised interest rates in February, March and May. Following these increases, demand for workers has weakened, adding to concerns about employment conditions.
 

Economist Oscar Gutt said the latest figures confirmed a slowdown in the broader Australian labour market.
 

The rise in unemployment and the decline in full-time employment highlight the challenges facing workers as economic pressures continue to affect hiring and job opportunities.