Gough Whitlam as PM, black & white TV, Stevie Wright's "Evie" tops the charts - but historic 3.5pc jobless has rate rise sting in tail

The extraordinary fall in the official unemployment rate we saw yesterday took even the most optimistic economists by surprise. 

The surprise fall in June to 3.5 percent underscores the resilience of Australia's economy. 

But that there's a sting in the tail and that's the near certainty of more aggressive interest rate rises from the Reserve Bank, perhaps as much as 0.75 percentage points in August. 

Analysis from the ABC's senior business correspondent Peter Ryan.