A Million New Jobs Put Lower Interest Rates Further out of Reach

Good news for out-of-work Australians is likely to translate as bad news for those with mortgages.

Pedestrians pass a bank advertising interest rates on mortgages in Sydney, Australia, on Oct. 3, 2017. Peter Parks/AFP via Getty Images

Australia’s job market defied expectations in September, with 64,100 new positions added—51,600 of which were full-time roles—well above the predicted 25,000.

This brought the unemployment rate to 4.1 percent, consistent with August’s revised Australian Bureau of Statistics (ABS) figure.