Australia’s 10-year government bond yield rose to around 4.96%, approaching its highest level since July 2011, as investors weighed mixed labour market data. The unemployment rate unexpectedly climbed to 4.3% in February, compared with expectations of it holding steady at 4.1% from January. Sean Crick, head of labour statistics at the ABS, noted that the rise partly reflects fewer unemployed people finding work than is typical for this time of year. Despite the uptick, the economy added nearly 49,000 new jobs, well above the forecasted 20,000 increase. The strong growth in hiring and high participation rate shows the labour market remains robust. This follows back-to-back interest rate hikes by the RBA earlier this week, as the central bank continues its fight against persistent inflation, with higher energy costs linked to the escalating Iran conflict adding further price pressures.