Unemployment dips to 5pc despite a cooling economy and housing correction

Australia's jobs market has defied cooling economic conditions with the jobless rate edging down to 5 percent in December. 

A better than expected 21,600 new jobs were created, although the bulk of these were part-time positions with 3,000 full-time jobs being shed over the month. 

But AMP Capital chief economist Shane Oliver tells ABC's Peter Ryan the deepening housing correction could harm the broader economy.