Australian employment sped past forecasts in December thanks to a surge in part-time jobs, data showed on Thursday, though the jobless rate still ticked higher as more people went looking for work. Figures from the Australian Bureau of Statistics showed net employment jumped 56,

Employment surged by 56,300 in December, nearly four times what economists had expected, raising doubts about the Reserve Bank of Australia’s ability to deliver a rate cut next month.

Australia’s seasonally adjusted unemployment rate inched higher to 4.0% in December 2024 from November’s eight-month low of 3.9%, matching market consensus. The underemployment rate ticked down to 6.0% from the prior 6.