Excitement about 3.4pc jobless rate in October - but "every silver lining has a cloud"

Confirmation that Australia's official jobless rate hit a new low of 3.4 percent in October (down from 3.5pc) was widely interpreted as good news and more evidence of a resilent economy.

But as we've been reporting this year, that good news is bad news - and means the Reserve Bank will need to maintain interest rate rises to get inflation under control.

I speak on ABC Newsradio with Tom Oriti