Australia's job market remains tight in July, with the unemployment rate slightly decreasing, easing pressure for interest rate cuts.

According to data released by the Australian Bureau of Statistics on Thursday, Australia's employment market continued to show strength in July, with the unemployment rate dropping slightly from 4.3% in June to 4.2%. This provides the Reserve Bank of Australia with more room to consider its monetary policy. In July, the national economy added 24,500 new jobs, with full-time positions increasing by 60,500, indicating the vitality of the labor market. Of particular note is the record high female labor force participation rate, which is partly due to an increase of 40,000 in the number of full-time employed women.