Lower unemployment supports RBA rate-pause call

Bright spot: Commuters cross the street at Town Hall in Sydney. The RBA expects the jobless rate will sit at 4.4% through its forecast horizon while employment growth is seen slowing this year and next. — Reuters

SYDNEY: Australian unemployment declined in October and the economy added more jobs than anticipated, suggesting the labour market remains tight and vindicating the Reserve Bank of Australia’s (RBA) decision to leave interest rates unchanged. 

The jobless rate fell to 4.3% from 4.5% in September and was better than the predicted 4.4%, data from the Australian Bureau of Statistics showed yesterday.