A Million New Jobs Put Lower Interest Rates Further out of Reach

Published on October 17, 2024

Australia’s job market defied expectations in September, with 64,100 new positions added—51,600 of which were full-time roles—well above the predicted 25,000. This brought the unemployment rate to 4.1 percent, consistent with August’s revised Australian Bureau of Statistics (ABS) figure. Analysts had been predicting the number of jobs in September would be around half the 47,500 created in August. Treasurer Jim Chalmers said that over a million jobs have been created since the Albanese government took office. “This is the first and only time any government of any political persuasion has overseen the creation of a million new jobs in a single parliamentary term,” Chalmers said. “We welcome the fact that the majority of these million new jobs are full time and around half are for women.”...

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