Australia added 71,500 new jobs in February, the biggest monthly increase to the country’s total employment in over a decade. According to the Australian Bureau of Statistics, this development increased full-time employment by 17,800 to 8,117,400 and part-time employment rose 53,700 to 3,510,800.

Brian Redican, a senior economist at Macquarie describes the employment growth as ‘spectacular’ and would make policymakers feel comfortable with the current policy settings.

Analysts believe that this is a sign that Australia’s economy is improving as people feel encouraged enough to look for jobs.

The unemployment rate on the other hand remains steady at 5.4% despite a huge jump in participation.

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