Australia has one of the strongest jobs markets in the developed world after employment growth hit a 16-month high and the rate of workforce participation reached a record, cementing expectations that interest rates will stay high for the rest of the year.

More than 64,000 people found jobs in September, the Australian Bureau of Statistics said on Thursday, beating economists’ forecasts for gains of 25,000 jobs and underpinning their expectations that the Reserve Bank of Australia will leave the cash rate unchanged until February 2025 at the earliest.