Unemployment rate steady at 5.8%

The unemployment rate has remained steady at 5.8% during July, defying economists’ expectations of another rise by as much as 0.2%.

The new figures from the Australian Bureau of Statistics show overall employment increased by 32,200 to 10,793,600. Full-time employment fell by 16,000 to 7,590,400 while part-time employment increased by 48,200 to 3,203,200.

The figures are surprising when cast alongside Government expectations of an unemployment peak of 8.5%. According to Reuters, the economy was expected to lose 20,000 jobs during July.

The figures come after recent economic data suggests unemployment may not reach its predicted peak. Access Economics recently updated its unemployment forecast, predicting a high of just 7.5%.

Additionally, the Reserve Bank of Australia kept the official interest rate at 3% on Tuesday, citing signs of recovery and confidence in the Australian economy.