Surprise jump in jobless rate

Australia’s jobless rate jumped in October, dampening short-term expectations of an interest rate hike by the Reserve Bank.

The unemployment rate rose by 0.2 per cent to 5.4 per cent in October, and now sits at its highest level since April.  

A flood of people looking for full-time work contributed to the surprise result, despite an increase in the number of part-time jobs created.

Tasmania was the only state to deliver an increase in employment, with its jobless rate falling to 5.1 per cent from 5.2 per cent.

South Australia has the highest unemployment rate of any state at 5.7 per cent, up 0.2 per cent on a month earlier.