THE NEWS WRAP: Jobless rate dips to 5.1%, slightly better than economists’ predictions

The national jobless rate fell to a seasonally adjusted 5.1% in August, according to the latest figures from the Australian Bureau of Statistics.

The figures show the unemployment rate dropped to 5.1%, although economists had expected the rate to rise to 5.3%.

However, the fall comes as fewer people are looking for work. The participation rate fell to 65%, the lowest level since January 2007.

Bank fee class action given boost

Bank customers seeking to reclaim unfair charges from banks have been given a boost after a High Court ruling that the fees could be deemed excessive.

More than 38,000 ANZ customers are seeking $50 million in compensation in a class action taken against the bank for fees placed on overdrafts and late payments.

Grocon blockade ends

A fortnight-long blockade of a key Melbourne CBD building site has been called off by unions ahead of expected peace talks.

The illegal blockade of the construction company Grocon’s site was ended after an eight-hour arbitration meeting with Fair Work Australia. Unions say the dispute is over health and safety concerns.

Overnight

The Dow Jones Industrial Average rose 244.52 points, or 1.87%, to 13,292.00. The Australian dollar was up to US102.84 cents.