Australia faced a 5.3 percent unemployment rate in July. Economic analysts are confident the figure will remain the same for August. Political analysts, however, say the figure may sway votes in the August 21 elections.

Last month's unemployment rate is slightly higher than June's 5.1 percent. The Australian Labor Government stressed the figures indicate a far cry from recession. The leading party said the steady demand for Australian commodities was a key factor in avoiding the slump. Even TD Securities senior strategist Annette Beacher sees July's unemployment as fairly close to full employment. She warned, though, that the central bank will remain cautious and continue to monitor movements in the labor market.

According to experts, revised population figures have shown more people in the potential workforce than was previously recorded. Nevertheless, the current unemployment numbers from the Australian Bureau of Statistics has kept bank interest rates at 4.5 percent.

With the Australian national elections next month, earlier opinion poll results show the Labor government enjoying the public trust on matters concerning the economy. Polls later this month show a decrease in public confidence following the ouster of Prime Minister Kevin Rudd from the Labor party. He was replaced by Julia Gillard who gained a short-lived public support. Australia's first female prime minister now struggles to win voters for the coming elections.

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