The chances of another interest rate rise have risen sharply after the release of new figures showing the jobless rate fell to 5.7 per cent in September in the latest sign that the nation’s economic rebound is well under way.

The official unemployment rate had been steady at 5.8 per cent since June. The latest reading from the Australian Bureau of Statistics surprised economists, who had forecast a rise to 6 per cent.

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Now, expectations for another interest right rise in November have solidified, with financial markets pricing in a 25-basis-point rise for Melbourne Cup Day as a near certainty after the Reserve Bank's 25 basis point hike to official rates on Tuesday. And yet another rate rise could be in store for December, with markets rating it an 88 per cent chance.

According to data from investment bank Credit Suisse, the RBA's official cash rate will hit 5 per cent a year from now.