Economists have predicted that interest rates are unlikely to change over the next few months due to more jobs being created in September than expected.
Unemployment dropped from 5.3 per cent to 5.2 per cent.
According to figures released by the Australian Bureau of Statistics last week, total employment rose 20,400 to 11.45 million during the month. Most economists had expected the jobless rate to stay at 5.3 per cent with a rate cut in November.
Stephen Roberts chief economist of Nomura stated that the better than expected figures meant that there is little chance of the RBA changing interest rates at the November meeting. He further anticipated that there would be no change to interest rates and thus to home loans until the early part of 2012 and added that the job figures were stronger and reflected the good recent economic data.
Both full time & part time employment rose in September.