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Quotes from Societe Generale Cross Asset Research:
-The February labor market report from Australia resolved a puzzle, namely how it was possible that an economy that is growing only just short of 3% per annum can fail to create any new jobs (net). The massive 47k jump in payrolls in February, combined with a 22k upward revision to January's figures has transformed the reported trend.
-It now appears that the economy is generating employment growth at a reasonable rate, albeit not yet quite rapidly enough to fully absorb the growth in the working age population. As the economy shifts further towards residential construction and services, employment growth is likely to strengthen.
