Official data released by the Australian Bureau of Statistics has revealed that the rate of unemployment in Australia rose to 5.8% in October from 5.7% recorded for the earlier month. As growing confidence across the country brings job-seekers back to the market, speculations that interest rates might rise further have been fueled.

As confirmed by the data, as many as 24,500 extra employment opportunities were outraged by an additional 35,000 people looking for work in October. Part-time opportunities grew by 21,500, while full-time ones rose by 2,900.

"There were still basically more people entering the labour force than jobs created thanks to population growth and people getting more confident and coming back to look for work", said AMP Capital Investors Chief Economist Shane Oliver.

The 5.8% jobless rate for October has been in-line with what the economists had predicted.