Australian bonds slump after June employment change massively beats expectations

Light rail construction workers

An extra 51,000 jobs smashed market expectations, tripling the predictions of forecaster.

The trend unemployment rate was 5.4% in the month of June 2018, according to latest figures released by the Australian Bureau of Statistics (ABS) today.

Economists and policymakers have been sweating on the data, hoping continued record job creation eventually kicks stagnant wages into gear.

"The state government welcomes the decrease in the unemployment rate for the second consecutive month, but we know there is still a significant amount of work to do to lower costs for businesses to drive South Australia's economy and further jobs growth", Industry and Skills Minister David Pisoni said.


Of the new employment, 82.4% were full-time at more than 41,200 positions, whilst more than 9,700 were part-time jobs, ABC reported.

"This is why we will continue to work hard to get more people in WA working".

"These are excellent youth unemployment figures and it is great to see young people getting jobs, because a young person who is getting onto a job before the age of 24, that is a young person who doesn't look forward to a life on welfare".

Labor's employment spokesman Brendan O'Connor blamed temporary visa holders, global students and working holiday makers for keeping underemployment close to its peak at 8.5 per cent. Putting it into context, it still caps off a slower first half of 2018 for Australian employment growth than last year's uplift of 3.4%.

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