Australia’s unemployment rate falls to lowest since 1974

SYDNEY — Australia’s unemployment rate fell to its lowest level since August 1974 last month, further tightening the job market and supporting expectations that the Reserve Bank of Australia will deliver a further interest-rate rise of at least 50 basis points in August.

The unemployment rate dropped to 3.5% in June, the Australian Bureau of Statistics said Thursday. That compared with an expected rate of 3.8%.

Employment…