Australia’s employment was effectively flat in June, rising just +2.0k MoM to 14.62 million, while the unemployment rate rose 0.2 pts to 4.3%, the highest since November 2021.

• The number of unemployed increased +33.6k MoM (+5.4% MoM) to 659.6k, and is up +9.6% YoY.
• The underemployment rate ticked up 0.1 pts to 6.0%, but is still down -0.4 pts YoY.
• The participation rate rose 0.1 ppts to 67.1% and is up 0.2 ppts from a year ago.
• Monthly hours worked fell -19 million (-0.9% MoM) to 1,974 million but is still up +1.8% YoY.
• Full-time employment fell -38.2k while part-time rose +40.2k.