Australia's unemployment hits high

Australia's unemployment rate has jumped to 4.5%, the highest level in almost five years, as the labor market begins to buckle under the weight of the Iran war.

The surprise rise in joblessness has effectively killed the likelihood of another interest rate hike next month.

Economists warn that the combination of high fuel prices and a cooling jobs market is putting significant strain on households.

While some sectors continue to show resilience, the overall outlook for the Australian economy has weakened.

The government is now facing calls to implement fresh measures to support those impacted by the rising cost of living and unemployment.