As unemployment drops, so too do expectations of an RBA interest rate cut in the coming months

Traders had rated as an 80% chance that the first RBA rate cut would land in August, but that tally dropped to 60% after the jobs figures according to Bloomberg. Photograph: Daniel Munoz/Reuters

Much has been made about growing hopes for “immaculate disinflation” where global central banks steer inflation back to target without a major uptick in unemployment.

Australia may yet extend the buzzwords to include “immaculate migration”, at least as far the workforce expanding fast enough to absorb record rates of newcomers. (Housing net migrants totalling about 550,000 in the past year might be more tricky.)