Economists at ANZ Bank expect the jobless rate to hold steady at 4.2 per cent when the Australian Bureau of Statistics publishes its labour force update for August on Thursday.
Other than a brief moment in June this year, the unemployment rate has held below 4.3 per cent since late 2021.
It's a remarkable run of strength for the nation's labour market, considering Australians had become accustomed to seeing the rate with a five in front of it before the COVID-19 pandemic.
The consensus of economists expects something similar to the 24,500 extra jobs created in July, although ANZ's Aaron Luk predicts an even stronger addition of 32,500.
"Leading indicators - like ANZ-Indeed Australian Job Ads, forward orders and the employment sub-component from the NAB Business Survey - suggest demand for labour remains robust," he said.
The tightness of the labour market has given workers the upper hand in recent years, resulting in them receiving a larger share of the economic slice, says Westpac senior economist Pat Bustamante.
Weak consumer demand has also meant that businesses have not been able to fully pass on higher costs to consumers.
"With labour costs rising, this has seen an increase in the share of income going to labour," he said.
"The share in the domestically-oriented market sector is approaching the peaks seen during the terms of trade boom in the 2000s, when labour market conditions were extremely tight."
Real wage growth is at a five-year high, which combined with falling interest rates and income tax cuts flowing through to disposable income, is starting to flow through to higher living standards and consumption.
Large wage rise decisions handed down by the Fair Work Commission had also increased the share of income going to workers, which has amounted to around $28 billion in additional income over the past year, Mr Bustamante said.
The proportion of the economy's total income going to wages has risen to 54 per cent from below half when Labour was elected, according to Treasurer Jim Chalmers.
"That's a good thing for working people," he said.
"Strong and sustainable wages growth is central to our strategy to help people with the cost of living and we are making welcome progress."
Mr Bustamante said productivity growth was picking up and underlying labour costs were moderating for businesses.
Meanwhile, ongoing weak demand limited how much businesses could pass on higher costs to consumers.
Altogether, it painted a picture of a low-inflation environment that was, from a central bank's perspective, a "sweet spot", Mr Bustamante said.
Elsewhere, Wall Street investors are looking ahead to the Federal Reserve's policy meeting this week, where an interest rate cut to counter a slowdown in the US job market is widely tipped.
The Nasdaq notched a record high close in a mixed Friday trading session. Lifted by Tesla, Microsoft and other technology-related stocks, all three main indices in fact hit highs only for the other two to dip again.
The S&P 500 declined 0.05 per cent to end the session at 6,584.29 points, the Nasdaq gained 0.45 per cent to 22,141.10 points and the Dow Jones Industrial Average declined 0.59 per cent to 45,834.22 points.
At home, share futures tumbled 59 points, or 0.66 per cent, to 11,060, while the S&P/ASX200 rebounded 59.9 points, or 0.68 per cent, to 8,864.9 on Friday, as the broader All Ordinaries jumped 57.3 points, or 0.63 per cent, to 9,128.7.
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