Australian Economy Australian interest rates

Job losses take pressure off RBA and interest rates

Thursday 20 August 2026

Following Wednesday’s weaker-than-expected wage growth data, the Australian Bureau of Statistics (ABS) released its July labour force survey on Thursday, which reported rising unemployment.

The nation’s unemployment rate rose 0.1% to 4.5% after 15,800 jobs were lost. However, full-time employment rose by 16,300, more than offset by a 32,200 decrease in part-time jobs.

The number of hours worked also fell by 0.6% in July, and the labour force participation rate declined by 0.2%.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.