Pressure Coming Off RBA as Jobs Market Loses Some Heat

Strong population growth and people re-entering the workforce was adding to labour supply and keeping wages grow at a pace consistent with taming inflation.

A bike courier rides past the entrance to the Reserve Bank of Australia (RBA) in Sydney's central business district on April 2, 2013. Greg Wood/AFP via Getty Images

Australian employers are still hiring but the size of the workforce is growing faster than the number of jobs being created, in a development that bodes well for borrowers waiting for interest rate cuts.

The unemployment rate rose to 4.1 percent in April, the Australian Bureau of Statistics said on May 16, up from the revised-higher figure of 3.9 percent in March.