FinanceThe GuardianAustralians ‘scrambling’ for second jobs to deal with rising mortgage repayments and cost of living
Unemployment has risen to 4.6 per cent, its highest since the pandemic, but analysts still expect the RBA to hike interest rates again next Tuesday.
Latest data also shows unemployment at highest level since the pandemic, which analysts doubt will stop RBA hiking interest rates
Australian unemployment rose to 4.6 per cent in August, its highest since the pandemic, despite the number of employed people increasing by 39,000.
The rise was driven by a surge in part-time work and more people entering the workforce, with over one million Australians now holding more than one job.
Analysts still expect the RBA to lift the cash rate to 4.6 per cent next Tuesday, with another possible hike on Melbourne Cup day if inflation stays stubborn.
If the RBA raises rates next Tuesday as widely expected, the cash rate will hit 4.6 per cent, its highest in nearly 15 years, meaning higher mortgage repayments.
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