Australian employment massively outpaced expectations in May and unemployment surprisingly fell, bolstering bets that the Reserve Bank will raise interest rates further.  

Employers added 75,900 roles from a month prior, driven by full-time positions, compared with a median estimate for a 17,500 gain, Australian Bureau of Statistics data showed Thursday. The jobless rate declined to 3.6%.

The Australian dollar advanced following the release, trading at 67.81 US cents from 67.69 cents just prior.

While the RBA's 12 hikes over the past year are slowing demand in the economy, Thursday's data suggest more work is needed. RBA Governor Philip Lowe has said the board will closely monitor the economy and inflation and has warned that further rate rises "may be required" to tame persistent inflation.

Source : Bloomberg