The unemployment rate has jumped. The number of "jobs created" is failing to keep pace with Australia’s growing population. It's also triggered calls for the Reserve Bank to deliver more rate relief to save the country from recession and scores of job losses.
00:00After a string of high-profile layoffs, competition for jobs in growth sectors is heating up.
00:09We have about five roles. That's a mixture of technical roles as well as business development roles.
00:14This cyber security start-up is hiring and has its pick of candidates.
00:19Generally right now it's an employer's market.
00:22He's right. Unemployment jumped to 4.5% last month, the highest rate in almost four years.
00:2933,900 people joined the jobless queue and just 14,900 extra people secured a job, which is not enough to keep up with population growth.
00:42More people also decided to look for work, pushing up the participation rate.
00:48What we have of course seen is that numbers do jump up and down from month to month.
00:54The Reserve Bank had forecast the unemployment rate would only be 4.3% by the end of the year.
01:01The RBA needs to provide sufficient support to households and businesses to ensure that the unemployment rate doesn't increase and we avoid recession.
01:10Financial markets now think it's more likely than not the Reserve Bank will cut interest rates when it meets next month because of the jump in the jobless rate,
01:20providing welcome relief to borrowers but bittersweet for those who also find themselves out of work.
01:26The RBA would be foolish if they didn't cut rates when they meet in November on Melbourne Cup Day.
01:31This small business owner says every rate cut helps.
01:36That would really continue to get everybody sort of back in the real swing of business again and sort of get people starting to want to spend money.
01:47Something economists say would also save jobs.
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