The Australian share market slipped on Thursday, extending Wednesday's decline and falling to fresh three-week lows as strong employment data dampened expectations of an early interest rate cut by the Reserve Bank of Australia (RBA).
The S&P/ASX 200 index dropped 23.3 points or 0.3% to 8,330.3.
Eight of the 11 sectors posted losses, with the rate-sensitive real estate sector leading declines.
Mirvac dipped 2.9%, Goodman Group fell 1% and Stockland fell 2%.
Gold miners outperformed, benefiting from bullion prices surpassing $US2700 per ounce. Perseus Mining gained 0.7%, and Newmont advanced 0.4%.
Financials finished mixed, with Macquarie up 0.2%, ANZ adding 0.1%, while Westpac dipped 0.5%.
On the data front, the seasonally adjusted unemployment rate fell to an eight-month low of 3.9% in November 2024, well below market expectations of 4.2%.
On the bond markets, 10-year and 2-year yields surged to weekly highs of 4.269% and 3.898%, respectively.
