Responses to the Australian jobs market report are coming in - RBA to hold in August

The Australian June labour market data are here:

• Australia (June) Employment Change: +0.5K (vs. expected +9.0K)
• Another look at the Australian jobs report

Also, the NAB Q2 business survey - good headline shame about the details:

• Australia - NAB quarterly business survey: Q2 business confidence 6 (from -1 prior)

Seeing responses coming from bank and non-bank analysts coming through.

So far the take is:

• Unemployment rate at 5.2% gives room to the RBA stay on hold in August
• Despite being above the RBA's most recent forecast for 5%
• RBA likely to raise this forecast in its August
• employment growth at just 500 is weak (from a very strong May though … likely some 'payback')

November still the likely next cut, but the result today does introduce higher risk of an earlier move.