Shock jobless rate jump makes August rate cut a near certainty
Another issue behind the RBA's motivation to keep rates on hold earlier this month has been erased, with the unemployment rate rising unexpectedly.
While mortgage holders might look forward to a rate cut, job hunters will take no solace from the latest labour market figures. (Image source: Shutterstock.com)
A shock unemployment result has all but cemented an interest rate cut when the RBA announces its decision on 12 August.
Financial markets are pricing in an 85 per cent chance that the official cash rate will be cut from 3.85 per cent, after the surprise decision to keep rates on hold at the Reserve Bank’s July meeting.
Australia’s unemployment rate was expected to hold steady but it bounced up by 0.2 percentage points 4.3 per cent in June, acco…
