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In a surprise turn of events, unemployment has fallen, although there is a bit of a sting in the tail.

The Australian Bureau of Statistics reported that unemployment fell from a very low 3.7% in August to just 3.6% in September.

Partly, this reduction was caused – as one would expect – by an increase in the number of employed people and a decrease in the number of unemployed people.

Partly, though, it was caused by a fall in the participation rate (which measures the share of people who either have a job or are looking for one) from 67.0% to 66.7%. In other words, some jobless people gave up looking for work, which means they were no longer officially classified as unemployed.

Subiaco finance brokers are here to help

Interest rate rises are here, but you don’t have to fear with the right broker on your side.

The team at Sonam Capital are here to empower you through financial knowledge. We’ll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.

Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.

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