Australia's unemployment rate has plunged to 4.3 per cent, further diminishing hopes of more Reserve Bank rate cuts as the labour market shows signs of ongoing strength.

About 42,000 jobs were added to the economy in October, while the number of unemployed peopled fell by 17,000, the Australian Bureau of Statistics revealed on Thursday.

The unemployment rate fell by 20 basis points, unwinding a commensurate spike the month prior.

"The October unemployment rate is in line with June, July, and August 2025," ABS head of labour statistics Sean Crick said.

The jump in employment exceeded economist forecasts of about 20,000 jobs.

Analysts and the RBA anticipated unemployment to edge down to 4.4 per cent.

In their latest economic forecasts released in November, RBA staff predicted the unemp

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