The Australian Bureau of Statistics released its labour market data on Thursday. Australia's unemployment rate dropped to 5.9% in October from 6.2% in September. Analysts had expected the unemployment rate to remain unchanged at 6.2%.

The number of employed people in Australia rose by 58,600 in October, beating forecast of a rise by 15,000, after a fall by 800 in September. September's figure was revised up from a drop by 5,100.

Full-time employment rose by 40,000 in October, while part-time employment climbed by 18,600.

The participation rate increased to 65.0% in October from to 64.9% in September.