Australia’s unemployment rate falls to 4.3 percent

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Australia’s jobless rate fell to 4.3% in October, down from 4.5% in September, signalling a steady and resilient labour market.

The latest ABS data showed 42,200 new jobs were created last month, while unemployment dropped by 17,000 people. Economists say the rebound confirms September’s spike was just a temporary blip.

Federal Treasurer Jim Chalmers called it “a very positive result,” highlighting that 1.2 million jobs have been created under the current government, including 55,000 new full-time positions in October alone.

The participation rate held steady at 67%, while underemployment fell slightly to 5.7%.

However, analysts say the strong figures mean no early interest rate cuts are likely from the Reserve Bank of Australia (RBA).

“Today’s report confirms the labour market remains tight, giving the RBA little reason to lower rates soon,” said BetaShares chief economist David Bassanese.

Experts agree that while job growth has slowed from last year’s pace, the economy remains stable. The RBA expects unemployment to hover around 4.4% through 2026, reflecting a soft landing rather than a downturn.

Australia’s jobs market remains strong, but interest rate relief still looks distant.

More updates to come on AusNewsLanka.