Australia's unemployment rate is stable, and labor market tension affects policy easing attitude

According to Jinshi data, Australia's unemployment rate remained at 4.2% in August, in line with economists' expectations. Despite the 5,400 employment, part-time employment increased by 35,500, indicating that the labor market remains tense. Both the Australian dollar exchange rate and the three-year government bond yield fell. Traders expect the RBA to keep interest rates unchanged at 3.6% this month, with a fourth rate cut likely to be implemented in November. The Australian Bureau of Statistics pointed out that working hours fell by 0.4% in August, mainly due to the reduction in full-time hours.