The lagging effect of high interest rates is beginning to show, now let's see whether housing prices follow suit.

CryptoWorld News reports that data released by the Australian Bureau of Statistics on Thursday shows that the unemployment rate unexpectedly rose in April, indicating that the labor market is beginning to cool amid rising interest rates and energy shocks triggered by Middle Eastern conflicts.
Employment decreased by 18.6k people, and the unemployment rate increased from 4.3% to 4.5%, aligning with economists' median forecasts.
This unemployment rate data marked the largest forecast deviation since June of last year, prompting traders to cut back on bets for future rate hikes.
The currency market currently expects the Reserve Bank of Australia to raise interest rates only once more this year, whereas previously there was a one-in-three chance of a second rate hike.
Following the data release, the Australian dollar fell by 0.2%, and the policy-sensitive three-year government bond yield briefly dropped 14 basis points.