Australia’s jobs surprise: unemployment holds tight as full-time work surges

Australia’s unemployment rate held at 4.1% in January as full-time jobs jumped to record highs, signalling a labour market still tighter than the RBA would like despite expectations for softening.

The shift from part-time into full-time roles and a jump in hours worked suggest underlying labour demand remains firm, complicating the central bank’s path to cooling inflation even as economists expect joblessness to rise later in 2026.

Markets shrugged off rate-hike risk - with the ASX pushing records - highlighting how strong earnings and commodities are offsetting fears that sticky employment could delay policy easing.