Australia’s unemployment rate unchanged at 4.2%, dampening hope of RBA interest rate cut

Office workers and shoppers walk through Sydney's central business district. The unemployment rate remained unchanged at 4.2%. Photograph: Jason Reed/Reuters

Australia’s economy added more jobs than expected in August as the unemployment rate remained steady, making a Reserve Bank interest rate cut less likely in the short term.

The jobless rate in August was 4.2%, the Australian Bureau of Statistics reported on Thursday. Economists had it expected it to remain in line with the 4.2% in July.