The Australian dollar is ripping higher

Matilda The Musical at Princess Theatre in Melbourne. Michael Dodge/Getty Images

The Australian dollar smashed through to 76 US cents on the back of a falling jobless rate.

A short time ago, the dollar was trading at 0.7608 US cents, up 0.75%.

Official numbers today from the Australian Bureau of Statistics show underwhelming growth in job numbers, with a rise of just 300 in February.

However, the market moved on the headline national unemployment rate falling to 5.8%, below the 6% expected.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.