today showed help-wanted notices fell for a seventh straight month in October, signaling the nation's unemployment rate may rise further.
Jobs advertised in newspapers and on the Internet dropped 4.6 percent last month after a revised 3.9 percent fall in September, according to an Australia & New Zealand Banking Group Ltd. (ANZ) report released in Melbourne today. Economists predicted the jobless rate will rise to 5.5 percent in October ahead of a Nov. 8 government release.
A separate private report today showed Australia's services industry contracted in October for a ninth straight month as the sustained strength of the nation's currency and cautious consumers discouraged spending.
Australian households are building a financial cushion by repaying mortgages faster and saving more, the RBA said in its Sept. 25 financial stability review. "Most households appear well placed to meet their debt obligations," the central bank said in the semiannual report.