Another rate rise tipped for May

Better than expected unemployment numbers released yesterday by the Australian Bureau of Statistics add to the case for a sixth rate rise in May, say economists. The net increase in jobs in March was 19,600 after taking into account the loss of 10,600 part-time positions.

The overall unemployment rate was flat at 5.3 per cent last month, unchanged from February. ‘Basically the job market is just reassuring the Reserve Bank that their interest rate hikes to date haven't really derailed business sentiment,” said Westpac senior economist Huw McKay. ”We don't think this is any impediment to a move in May.”

Source: Sydney Morning Herald