The unemployment rate has shot up to a 13.5 year high, increasing the chances of a second Reserve Bank interest rate cut in March.

Australia’s unemployment rate rose to 6.4 per cent in January from 6.1 per cent in December, a result that was worse than market expectations. The total number of people with jobs fell by 12,200 in January, and full-time employment fell by 28,100, the Australian Bureau of Statistics said on Thursday….