Via Damien Boey at Credit Suisse:
The April labour market report was mixed. Employment came in broadly in line with expectations, rising by 22.6K over the month. Full-time employment rose by 32.7K, while part-time employment fell by 10K. The unemployment rate rose to 5.6% from 5.5%, with the labour force participation rate rising to 65.6% from 65.5%.
Aggregate hours worked rose by a solid 1.1% in April, taking year-ended growth higher to 5.4% from 3.3%. This is the second fastest pace of growth in recorded history. By region, hours worked rose in most states, with the exceptions of SA and the ACT.