Australia’s unemployment rate jumps to 4.5% in ‘tentative signs labour market is buckling’

Surprise rise in jobless rate will give Reserve Bank more reason to delay another interest rate hike at June meeting

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Australia’s unemployment rate has jumped to 4.5% in April to reach the highest in about four-and-half-years, amid fears rising interest rates and the global oil crisis will smash economic growth.

The number of employed people unexpectedly fell by 18,600 in the month – the first decline this year – dragging the jobless rate up from 4.3%, according to the Australian Bureau of Statistics.