New data shows Australia’s job market is strengthening, with the employment-to-population ratio reaching a record high.
The numbers, released today by the Australian Bureau of Statistics, emphasised the strength in the jobs market, with the unemployment rate remaining steady at 4% and the employment to population ratio reaching 64%.
Participation - measuring the percentage of those aged 15 and above either in work or actively looking for it - rose to 67% and the underemployment rate decreased to 6%.
Speaking to ABC News, chief economist for HSBC Australia, Paul Bloxham, said this strength in the jobs market would make it more difficult for the Reserve Bank to cut rates in February.
The RBA board next meets on 17-18 February, with traders still reporting a 70% chance it will cut rates.
