RBA's Kent: Labour Market Loosening Somewhat Faster Than Expected as Jobless Rate Hits Five-Year High of 4.7%
Australia's labour market is loosening somewhat faster than the central bank expected, Reserve Bank of Australia Assistant Governor (Economic) Christopher Kent said in a speech on Monday, Reuters reported on Oct. 19. Kent added that financial conditions are no longer particularly restrictive. The Australian Bureau of Statistics reported last week that the unemployment rate rose to 4.7 percent in September, the highest in about five years, with jobs data undershooting market expectations. Following the softer jobs figures, financial markets leaned further toward additional rate cuts, and the Australian dollar came under pressure at times. Kent said the bank is watching incoming jobs and inflation data to gauge how much current settings restrain activity. Analysts say the RBA's core assessment still centres on returning inflation to the 2-3 percent target band, and whether the cooling labour market justifies more easing will depend on data over the coming months. The RBA's next policy meeting is in early November.
Source: GSM · USA (original Chinese edition)
Photo: 图：澳洲储备银行大楼（资料图）。Danausi 摄，公共领域，取自维基共享资源。Photo: Reserve Bank of Australia building (file photo). By Danausi, public domain, via Wikimedia Commons.
