Australia's unemployment rate hit one-year high in August

Reserve Bank of Australia name on black granite wall in Melbourne Australia with a reflection of high-rise buildings

Reserve Bank of Australia name on black granite wall in Melbourne Australia with a reflection of high-rise buildings

It has been rising since hitting a seasonally adjusted decade low of 4.9 per cent in February and is now at its highest point since June a year ago. That was in line with estimates by economists polled by Reuters.

However, that increase was heavily skewed to part-time work, with more than 50,000 part-time positions being created, while 15,500 full-time jobs were shed.

It is disheartening for the Reserve Bank, which has been hoping the trend would be moving down to 4.5 per cent - its theoretical idea of full employment that would drive wages growth up. It would follow back-to-back rate cuts in June and July that took the policy rate to a record low of one percent.

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The yields on Australia's 10-year treasuries fell 6 basis points on Thursday morning following the jobs report to 1.071 per cent.

Evidence in data of slack increasing - this trumps the rate of employment growth. "And the RBA reiterated in the minutes of their August meeting that the "Australian economy could sustain lower rates of unemployment and underemployment", so the increase in the unemployment rate would have come as a disappointment to the bank".

Australia's economy grew at its slowest pace since the global financial crisis in the second quarter as consumers dialled down their spending.

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