After seasonal adjustment, Australia's unemployment rate in July rose to 4.2%, the highest since January 2022, while the market had expected it to remain at the previous level of 4.1%.

Australia added 58,200 new employment jobs in July, slightly higher than the market expectation of 0.02 million. The labor force participation rate reached a record high of 67.1%, which may reduce the possibility of the Reserve Bank of Australia cutting interest rates in the short term. After the data was released, the Australian dollar rose nearly 0.3% against the U.S. dollar to 0.6614.

The Bureau of Statistics said that while the unemployment rate has risen in the past two months, the record high labor force participation rate and the number of employed people near historical highs indicate that there are still a large number of people working or looking for work.