It’s looking less and less likely that Reserve Bank governor Michele Bullock will be gift wrapping a rate cut for households in time for Christmas.
The new jobs data for September released today made that clear. It showed unemployment holding steady, but the number of jobs added to the economy over the month was more than double the 25,000 the market expected.
The jobs market is so hot that the Commonwealth Bank — the last of the big four clinging to hopes for a December cut — has begun to shift.
The strength in the labour data "means the conviction we have in our call for a 25 basis point December cut to the cash rate has dipped today," CBA head of Australian economics Gareth Aird said in a note.
