Breaking: Unemployment rate reaches post-COVID era high of 4.6pc in August

Australia's unemployment rate drifted higher in August.The national unemployment rate rose to 4.6 per cent, up from 4.5 per cent in July, in seasonally adjusted and trend terms.It is the highest unemployment rate in the post-COVID era.On Tuesday, RBA governor Michele Bullock said she thought an unemployment rate of somewhere between 4.5 and 5 per cent would "take enough heat out of the labour market" to ease pressure on inflation.In recent weeks, all four major banks and the bulk of money market traders have also announced that they expect the RBA to lift interest rates next week to try to clamp down on economic activity and squash inflation.But data show Australia's labour force increased by another 67,700 people in August, which pushed the participation rate back up to 67.1 per cent, from 66.9 per cent in July (it's now sitting near its all-time high of 67.2 per cent).The labour force increased by 67,700 people because an extra 39,500 people found employment and an extra 28,200 people were recorded as being unemployed.