Jobs data poised to help pencil in draw down on rates

The Reserve Bank is closely monitoring the final data before an important rates meeting, with the trimmed mean inflation rate dropping to 2.9% in April. The Australian Bureau of Statistics is expected to report an unemployment rate of 4.1%, as the rates market anticipates a 25 basis point cut following previous reductions. Economists predict rising unemployment to 4.5%, which may lead to downward pressure on wage growth, despite a recent increase driven by changes in industry agreements.

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