Unemployment rate ended 2024 lower than it started in Australia

Access the full data insights to learn more about the key points outlined below:

• The rise in the unemployment rate in December does little to change the fact that the labour market is incredibly tight. Indeed, the unemployment rate is a touch lower now than it was at the start of 2024.

• Given the persistent tightness in the labour market and that underlying inflation remains above the RBA’s target we expect the Bank to keep rates on hold in February. We only anticipate a modest loosening in the labour market in the coming months which means the RBA will need strong evidence that the cooling in inflation is sustainable before cutting rates.