Australian shares have gained after a rise in the unemployment rate buoyed hopes for a rate cut. -AAP Image
The Australian share market has set another record after the unemployment rate rose to its highest level in nearly four years, increasing the odds of an interest rate cut.
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The benchmark S&P/ASX200 index on Thursday climbed 77.2 points, or 0.9 per cent, to 8,639.0, while the broader All Ordinaries rose 74.4 points or, 0.84 per cent, to 8,890.8.
The ASX200 climbed as high as 8,641.3 during intraday trading, breaking its previous record from June 11 by two points.
Its closing level also eclipsed Tuesday's close for its highest finish ever, while its 0.9 per cent gain was its best in three-and-a-half weeks.
The Australian dollar was trading for 64.74 US cents, from 65.25 US cents.
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