Unemployment holds at 4.7 per cent in September while economists weigh another interest rate rise
ABC News reported on 15 October that Australia's unemployment rate stayed at 4.7 per cent in September, with an interest rate rise possible. The Reserve Bank lifted the cash rate to 4.60 per cent on 29 September, according to SBS. ANZ and Westpac expect a rise to 4.85 per cent on 3 November, while CBA and NAB expect a hold, according to the Aussie and CommBank summaries. The September-quarter consumer price index is due on 28 October. One economist argues the steady increase in the jobless rate argues for a period of stability.
Unemployment is one half of the RBA's mandate, so a jobless rate that holds while inflation climbs tilts the board towards acting. A rise in unemployment would argue for patience, which is why the figure draws attention.
If your job is secure, rising repayments are the main exposure. If you are a casual or contract worker, a slowing labour market affects hours first, so keep a buffer of one or two months.
Economists expecting a rise argue that a rate of 4.7 per cent is still low by historical standards and leaves room for the RBA to act on inflation.
Economists expecting a hold argue that the steady rise in unemployment already shows the effect of higher rates, and another rise risks overtightening.
Confirmed: the 4.7 per cent figure for September and the 4.60 per cent cash rate. Not confirmed: the October jobless figure or the board's November decision. Watch the next monthly labour force release.
DailyDrop Australia edition No. 15 · Morning · MON., OCT. 19, 2026