The Australian Bureau of Statistics released its labour market data on Thursday. Australia's unemployment rate declined to 5.8% in February from 6.0% in January. Analysts had expected the unemployment rate to remain unchanged at 6.0%.

The number of employed people in Australia increased by 300 in February, missing forecast of a rise by 10,000, after a decline by 7,400 in January. January's figure was revised up from a fall by 7,900.

Full-time employment climbed by 15,900 in February, while part-time employment fell by 15,600.

The participation rate declined to 64.9% in February from 65.1% in February.