Australia’s jobless rate has lifted to 4.5 per cent in September, the highest level in nearly four years.

That was up from 4.3 per cent in the previous month, according to Australian Bureau of Statistics data released on Thursday. Economists had tipped the September rate would be 4.3 per cent.

Yet employment also increased by 14,900 roles as the country’s population and labour force grow.

“This is the highest seasonally adjusted unemployment rate recorded since November 2021,” ABS head of labour statistics Sean Crick said.

The numbers will potentially leave the Reserve Bank squeezed between signs of rising inflation and a jobs market that is softening faster than expected.

Financial markets had on Wednesday night estimated the chances of a rate cut at the RBA’s November meeting as 44

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