According to the latest figures released, Australia's unemployment rate rose to the level of 6 per cent during the month of January, which is its highest level in a decade.

The data released by the Australian Bureau of Statistics showed that jobless rate increased from 5.8 percent in December to 6 per cent in January. The data showed that the Australian economy recorded a fall of 7,100 full-time positions and this was only partially compensated by an addition of 3,400 extra part-time roles.

The Australian economy is struggling as its Asia focused mining investment boom is over. The manufacturing sector is struggling with automotive giant, Toyota announcing its exit from the country. The Reserve Bank of Australia has said during its quarterly monetary policy update that it expects unemployment to continue to rise in the coming months as investment falls in the mining sector in the country.

The country's Treasurer Joe Hockey said the that the increase in unemployment was in line with the government's forecasts of 6 per cent and 6.25 percent for each of the following three years. The Australian national currency was trading at the level of 90.11 cents to the US dollar but fell immediately to 89.52 US cents after the weak jobs data was announced.