The unemployment rate has fallen to a low of 5.6%, halting the possibility of interest rate cuts from the Reserved Bank of Australia. Expectations on these rate cuts in November have decreased to 11% from 18% yesterday, according to a Credit Suisse report. The Australian economy has seen an increase in jobs, as 9,100 jobs were added last September of this year, 5,000 of which are full time positions, with 4,100 part time positions.
The RBA’s interest rates have been directly affected by inflation and employment. The interest rate has been pegged at a record low 2.5% for the past several months.
Read more on the Sydney Morning Herald website.