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Australia Unemployment Rate 3.56% (consensus 3.7%) in Sep-23

- Australia's unemployment rate decreased to 3.56% in September 2023, contrary to expectations for no change from 3.7%, reaching its lowest level since June 2023.
- Job creation in Australia saw an increase of 6,700 jobs in September 2023, reflecting positive labor market conditions.

Reserve Bank of Australia: Oct-23

• The Board's unsurprising decision to maintain interest rates reflects a balanced approach amidst ongoing inflationary pressures, with a forecasted return to the 2-3% target range by late 2025.
• Despite stronger-than-expected growth, high inflation and uncertainties in both domestic and global markets, including China's economic outlook, are weighing down on Australia's economy.
• The potential for further monetary policy tightening exists, anchored in data-driven evaluations, with the Board's steadfast commitment to bringing inflation back to target.