High Unemployment Because of Soaring Interest Rates and Inflation: Treasurer

The latest figures from the Australian Bureau of Statistics reveal a rise in the number of unemployed individuals by 22,000.

In this photo illustration job vacancies are displayed in the newspaper in Auckland, New Zealand, on Aug. 7, 2009. Sandra Mu/Getty Images

Australia’s treasurer has linked the latest spike in unemployment, the highest in two years, to the “inevitable” consequences of soaring interest rates and inflation on the economy.

Australia’s unemployment rate surged to 4.1 percent in January, up from 3.9 percent in December, surpassing the 4 percent mark for the first time since January 2022.