Australia's 4.4% Jobless Rate Bolsters RBA Hawkish Outlook

Australia's May unemployment rate held steady at 4.4%, matching expectations and improving from 4.5% prior, signaling a resilient labor market. This follows yesterday's CPI release showing headline inflation easing to 4.0% but core trimmed mean accelerating to 3.6% y/y, keeping RBA rate-hike risks alive with August now eyed as the next potential move. Markets view the combined data as supportive for the Australian dollar and as reducing pressure for near-term policy easing, with services and housing inflation remaining elevated.