Australia Labour Force Unemployment Rate Rise and RBA Rate Hike Update

Australia's unemployment rate rose to 4.5% in April following an 18.6k decline in employment. Consequently, Goldman Sachs has pushed back its expectation for the final RBA rate hike to August 2026.

Key Takeaways

• 1.The Australian unemployment rate rose unexpectedly to 4.5% in April, missing expectations of 4.3%–4.4%.
• 2.Goldman Sachs has delayed its forecast for a 25bp RBA rate hike from June to August 2026.
• 3.Employment fell by 18.6k in April, driven by declines in both full-time and part-time positions.

Table of Contents

• Key Numbers
• Main Points
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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