The Australian economy has posted better than expected job numbers, but wages growth remains a problem.

More than 21,600 new jobs have been created over the past month, lowering the unemployment rate to five per cent.

The issue, however, is the jobs were all part-time.

Victoria and New South Wales have posted the lowest unemployment rates in the country, with Queensland not far behind.

TD Securities chief economist Annette Beacher tells Ross Greenwood it’s a “balanced labour market”.

Click PLAY below to hear the full interview