AU: Releases May Employment

**Consensus expectations: - Employment Change: +32.5Ke v -18.6K prior - Unemployment Rate: 4.4%e v 4.5% prior - Full Time Employment Change: No est v -10.7K prior - Part Time Employment Change: No est v -7.9K prior - Participation Rate: 66.7%e v 66.7% prior also due out: - 21:30 (AU) Australia May Job Vacancies Q/Q: No est v 2.7% prior Recent comments: - On Jun 16th RBA left the Cash Rate Target unchanged at 4.35% (as expected) for its 1st pause under the current tightening cycle.

Statement noted that the decision to keep policy steady was unanimous.

Monetary policy was well placed to respond to developments and the Board was focused on its mandate to deliver price stability and full employment.

Following the three increases in the cash rate target since the beginning of the year, financial conditions were now tighter than they were, and there were signs that the economy was slowing as expected.

Would increase cash rate further if needed. - On May 6th RBA last updated its Staff Projections which cut end-2026 GDP growth from 1.8% to 1.3% and cut end-2027 GDP growth from 1.6% to 1.4%. **insight: RBA has raised the cash rate target three times under the current tightening cycle by a total of 75bps.

The last hike was in May 2026