The Australian Bureau of Statistics released its labour market data on Thursday. Australia's unemployment rate dropped to 5.8% in November from 5.9% in October. Analysts had expected the unemployment rate to rise to 6.0%.

The number of employed people in Australia rose by 71,400 in November, beating forecast of a decline by 10,000, after an increase by 56,100 in October. October's figure was revised down from a rise by 58,600.

Full-time employment rose by 41,600 in November, while part-time employment climbed by 29,700.

The participation rate increased to 65.3% in November from 65.0% in October.