Breakfast Briefing | 22 May 2026 | Jobs Fall, Costs Rise

Australia's labour market deteriorated sharply in April. Employment fell by 19,000 people, the jobless rate climbed to 4.5%, and the services sector moved into contraction after stalling in March. New business activity recorded its steepest fall in over four and a half years. The data keeps the conversation about RBA rate direction firmly alive.Globally, the picture is one of rising cost pressure. Korean input prices rose 11.3% in April. US manufacturers are running hard, with factory output at a four-year high, but the driver is pre-emptive stockpiling ahead of anticipated tariff-related cost increases rather than organic demand growth. Japan posted its fastest export growth in three months, up nearly 15% in April, with gains across all major trade partners.In markets, the Australian 10-year bond opened at 4.95%, the US 10-year sits at 4.58%, and oil is holding above 97 US dollars a barrel. Gold is at 4,553 US dollars an ounce. The Australian dollar is at 71.7 US cents. Bitcoin is at 77,759 US dollars.Geopolitical uncertainty around US-Iran negotiations is keeping shipping activity suppressed, with container freight rates up 10% on year-ago levels.Full Briefing report with source links at interest.com.au. Check the latest home loan and term deposit rates there too.#BreakfastBriefing #AustralianEconomy #RBA #InterestRates #Unemployment #GlobalMarkets #Inflation #interestcomau #Finance #EconomicOutlook