UNEMPLOYMENT IN AUSTRALIA HITS A FIVE - YEAR HIGH OF 4.7 %, MAKING A RATES HIKE LESS LIKELY

What happened: Australia's unemployment rate rose to a five-year high of 4.7% in September, with employment falling by 39,300, official figures show. Key numbers: Unemployment 4.7% in September, up from 4.1% in January and 4.6% in August, which was revised up to 4.7%. Why it matters: A weaker jobs market makes an RBA rate hike less likely, though the RBA still balances inflation against employment at its November meeting. Governor Michele Bullock said unemployment might need to rise to 4.5-5% to ease inflation.

Australia's unemployment rate rose to a five-year high of 4.7% in September, with employment falling by 39,300, official figures show.

A weaker jobs market makes an RBA rate hike less likely, though the RBA still balances inflation against employment at its November meeting. Governor Michele Bullock said unemployment might need to rise to 4.5-5% to ease inflation.