Friday 17th October 2025

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Australia’s unemployment rate was higher than expected yesterday. On the podcast today we drill down on the numbers and Phil asks Rodrigo Catril whether it changes NAB’s view on when the next rate cut will happen.

Normally today we’d be reporting on US CPI, but its been delayed because of the shutdown. Hence, markets are in the dark and cautious, but the Philly Fed manufacturing data adds to concerns about rising prices and weaker employment.

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The facts about Aussie employment