Australia unemployment rate holds at 4.7% in September; employment contracts by 39.3K

Australia’s seasonally adjusted unemployment rate held steady at 4.7% in September 2026, matching the upwardly revised August figure but coming in above consensus expectations of 4.6%.

The reading represents the highest unemployment rate since October 2021, with the total number of unemployed individuals rising by 8,900 to 732,000, its highest level since April 2021.

Total employment fell by 39,300 to 14.78 million in September, reversing a downwardly revised 29,300 gain in August and missing market forecasts for a 20,000 increase. Despite the monthly decline, total employment expanded by 168,300, or 1.2%, compared to the same period last year.

Australian financial markets traded lower following the employment release: The benchmark S&P/ASX 200 fell 0.09% to 8,686, extending losses to their weakest level in a week. Concurrently, the Australian dollar fell below $0.70, moving toward July levels hit early this month.