Jobs market stronger than predicted
Australia's unemployment rate touched 5.1 per cent in June, the lowest since January 2009, as hopes for continuous economic improvement reinforced employer confidence.
In June, the jobs market recorded a net increase of 45,900, about three times the total figure that had been forecast by economists, and the largest rise since January. Of the vacancies, 18,400 were full-time and 27,500 part-time.
Corrected data released by the Australian Bureau of Statistics show that the unemployment rate for May was also 5.1 per cent, a tenth of a percentage point stronger than originally recorded.
"Brilliant. What can you say? This is a very healthy economy," said ICAP economist Adam Carr.
"Jobs growth is strong - that is fantastic news. This is what it's all about. As long as we can all get a job, we're all happy."
The nation's labour market has been much better than economists had forecast. The economy has produced an additional 120,000 jobs so far this year, bringing the jobless rate to about half that of Europe and the US.
News on the increase of jobs led the Australian dollar up to 87.48 US cents, from 86.67 US cents. On Monday, the dollar was exchanging at less than 84 US cents.