There was a change to working regulations effective 1 July, reinstating the restrictions on student visa holders to a 48-hour working week.
As such, some economists anticipated a +40,000 increase in the number of persons employed in July, as workers jostle for the newly freed up positions.
It didn't quite work out that way in the end, with employment declining by -14,600 in July, driven by a decline in full-time employed persons of -24,200.
Employment over the year to July still increased by a thumping +398,900, or by +2.9 per cent.
- Also read:Forbes rich list 2024: Australia’s richest people
- Also read:Three Steps to Avoid Becoming a Banking Scam Victim
- Also read:6 priceless investing lessons from influential billionaires
- Also read:Redefining Richness: Why Time Matters More Than Money
- Also read:Conquer Your Monsters: Busting the Top 10 Fears Holding You Back
Immigration is running at record highs, however, and the working age population increased by a stonking +598,000 over the year.
Thus the number of unemployed persons is +4.9 per cent higher than a year earlier at a seasonally adjusted 528,800.
In the month of July the unemployment rate jumped from 3.46 per cent to 3.71 per cent, which was the highest level in 14 months.
The measures of underemployment troughed out a year ago, and annual wages growth looks to have peaked at a distinctly modest +3.6 per cent.
Average weekly earnings increased by a slightly stronger +3.9 per cent over the year.
The arrivals and departures figures showed 1.75 million arrivals over July, this being a seasonally strong month for arrivals as Aussies return from their Italian holiday jaunts and international students arrive for the new semester.
Net arrivals for the month of a massive ¼ million should keep plenty of pressure on the capital city rental markets.
Overall, this was a considerably weaker than expected result which adds to the case for an extended pause for interest rates.
The government has plans afoot to continue processing visas at a rapid-fire pace, while there are nearly 150,000 reportedly in the queue awaiting family/parent visas.
It seems likely that the unemployment rate will rise as almost all indicators show the economy slowing, including the latest Westpac card tracker.
