Australian unemployment rose in July to its highest level in five years, reaching 4.5%, according to figures released by the Australian Bureau of Statistics (ABS) at the start of Asian trading on Thursday, August 20. This figure exceeded market expectations, coinciding with a decline in the labor force participation rate to 66.9% from 67%, while working hours fell by 0.6%.

The Australian economy lost an estimated 15,800 jobs in July, bringing the total number of jobs to 14,807,200. This follows an increase of approximately 80,000 jobs in June, which was revised upwards, while expectations had anticipated the creation of around 11,000 jobs.