Australia March unemployment rate likely unchanged at 6.3%

Australia will release March labour-market data on 16 April. 

Australia's business confidence dropped below the neutral level of zero in February for the first time in 19 months; consumer confidence followed suit in March. The labour market is expected to stay soft for the next few months as businesses remain reluctant to invest, despite low interest rates. 

The central bank cited falling business capex, and subsequently weak domestic demand, as a concern at its April monetary policymeeting. The unemployment rate is expected to remain high in the medium term.

Standard Chartered expects moderate job creation of 15,500 jobs, following 15,600 created in January and sees unemployment and participation rates remained unchanged at 6.3% and 64.8%, respectively.