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Australia Headed for Jobs Record, Faces Wage Pressure

Employment in Australia is headed for the biggest annual increase on record, boosting prospects of an acceleration in wage gains that forces the central bank to resume raising interest rates.

Payrolls soared by 366,000 in the first 11 months of this year to 11.4 million, the most since records began in 1978 and 27,000 more than the previous high in 2006. The jobs data released yesterday contrasted with a report last week showing growth in the third quarter was the slowest since the end of 2008.