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Australia’s unemployment rate fell to 5.1 per cent in January 2012, reducing expectations of further interest rate cuts by the Reserve Bank.
Statistics released yesterday by the Australian Bureau of Statistics (ABS) show that Australia’s workforce grew by 46,000 to reach 11.46 million in January.
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The number of Australians looking for work fell by 15,300 to 614,000.
The ABS announced that the participation rate rose to 63.5 per cent in January, up from 62.5 per cent in December 2011.
The better than anticipated employment figures are expected to take pressure off the RBA to reduce the official cash rate when the board meets again on March 6.
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