AUDIO: April jobs surge to temper future interest rate cuts
Australia's unemployment rate held steady in April, as 89,000 people found employment — much stronger jobs growth than had been forecast. (ABC News: Nic MacBean)
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Borrowers hoping to pay down a mortgage a bit faster will be paying close attention to next week's meeting of the Reserve Bank board and the near certainty of an interest rate cut to 3.85 per cent. While most economists think the second rate cut this year is locked in, a surging jobs market could see fewer-than-expected rate cuts later this year with a surprise 89,000 new positions created last month. ABC's Peter Ryan explains.
