The Australian Bureau of Statistics released its labour market data on Thursday. Australia's unemployment rate declined to 5.7% in March from 5.8% in February. Analysts had expected the unemployment rate to rise to 5.9%.

The number of employed people in Australia increased by 26,100 in March, beating forecast of a rise by 20,000, after a decline by 700 in February. February's figure was revised down from a rise by 300.

Full-time employment declined by 8,800 in March, while part-time employment fell by 34,900.

The participation rate remained unchanged at 64.9% in March.