Australian employment rose only marginally in June as the jobless rate jumped to the highest since late 2021, showing perhaps the first crack in what had been an unusually resilient labour market and adding to the case for a rate cut next month.

The number of officially unemployed people is up by 9.6 percent over the past 12 months, accelerated by the Trump administration’s worldwide tariff war.

Australia’s unemployment rate rose unexpectedly in June, significantly boosting the case for an interest-rate cut in August.