Australia Economy

Australia’s seasonally adjusted unemployment rate reached 4.7% in September as the economy shed 39,000 jobs, according to the Australian Bureau of Statistics.

The International Monetary Fund  warned that Australia faces a 3.9% headline inflation rate this year, prompting the Reserve Bank of Australia to signal a potential interest rate increase to 4.85% in November.

S&P Global (NYSE:SPGI) reported that record federal spending and persistent budget deficits have left Australia vulnerable to economic downturns.

New residential building activity across Australia picked up during the June quarter as total home commencements rose 7.0% to 52,201 dwellings.

Australia and Japan signed a five-year memorandum of cooperation to hold annual talks on financial policy and economic security issues.

Australian job vacancies fell by 0.9% to 325,000 in the three months to August, according to the Australian Bureau of Statistics.

The Australian Bureau of Statistics reported that total dwelling approvals across Australia fell 6.1% in August to 16,953 units.

Australia's Consumer Price Index rose 4% in the 12 months to August, accelerating from 3.5% in July.

The Reserve Bank of Australia kept market participants on high alert as Governor Michele Bullock addressed persistent domestic inflationary pressures and volatile global bond yields.

Australian household spending was unchanged in August following a 1.1% rise in July.

The ABS reported that the nation's unemployment rate rose to 4.6% in August despite the economy adding 39,000 total jobs.

Australia's population rose by 1.4% to hit 27.9 million people in the 12 months to March 31, according to data released by the Australian Bureau of Statistics.