Unemployment has spiked to 4.5 per cent in September, marking the highest jobless rate since November 2021.

Fresh data from the Australian Bureau of Statistics showed there was 34,000 more unemployed people in September while the number of employed people grew by 15,000 in that same period.

The unemployment rate, alongside inflation, is a key piece of data the Reserve Bank of Australia looks at for its interest rate calls.

A higher unemployment rate means the RBA is more likely to deliver rate cuts.

Prior to the release of this data, the chance of a rate cut in November had risen from about 40 per cent.

Money markets now say there is about a 60 per cent of a cut after the release of this data.

The ABS on Thursday also revised its August unemployment rate figure from 4.2 per cent to 4

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