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Recent labour market stability keeps interest rates on hold

Australia’s labour market recorded a mild growth in jobs in June, prompting the Reserve Bank of Australia to keep the interest rate at 2% at its meeting this week.

Australia’s labour market recorded a mild growth in jobs in June, prompting the Reserve Bank of Australia to keep the interest rate at 2% at its meeting this week.

June saw 7,300 extra jobs created compared to May’s 40,000 result. It means that Australia has recorded employment growth of 1.9% for the past year which is essentially the strongest growth in the past four years.

Monthly jobs data has been generally volatile, so recent results are considered a welcome stabilisation in labour demand. The Reserve Bank’s Governor, Glenn Stevens, echoed this sentiment by stating that Australia’s unemployment rate is ‘elevated’ but ‘has been little changed recently’.

We believe that the Reserve Bank will keep the cash interest rate steady at 2.0% in coming months.

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