TMH Market Update: Unemployment Rate Drops To 3.6pc In September

Australia’s latest labour force data has dropped and employment remains historically strong with unemployment at 3.6 per cent last month – slightly lower than in August.

Another 23,000 people were employed, although the participation rate dropped as more Australians moved into retirement.

The RBA’s next meeting is on Melbourne Cup Day – November 7 – with increasing bets on a rate rise, given this employment data and the RBA’s hawkish minutes released earlier this week.

But as employment is strong, there’s news Alcoa is considering closing its 60 year-oldKwinana alumina refinery in Western Australia. There are 1200 jobs on the line there, with 900 employees and contractors who could be impacted.