Australia’s unemployment rate falls to 3.4% as ‘very tight’ labour market puts pressure on RBA

Economy adds 32,000 jobs in October despite record series of interest rate rises

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Australia's unemployment rate fell in October as the labour market added more jobs and workers clocked up more hours, underscoring the resilience of the economy amid a record series of interest rate rises unleashed by the Reserve Bank.

The economy's jobless rate was 3.4% last month, returning to a half-century low reached in July, the Australian Bureau of Statistics said on Thursday. Economists had expected a modest increase to 3.6%.