The nation’s biggest lender and the second-biggest stock on the local market said economic growth is slowing due to higher interest rates and inflation, setting a sombre tone for early trade.

Stocks rose on Wall Street and Treasury yields fell after the government reported that employers unexpectedly cut 23,000 jobs last month.

The Australian sharemarket edged higher as energy stocks rallied due the latest jump in oil prices, as investors awaited the Reserve Bank’s decision on interest rates.