Australian shares inch down on Thursday's close as a surprising decline in the country's jobless rate weighed on expectations for an early rate cut next year.

The S&P/ASX 200 Index fell 0.3% or 23.3 points to close at 8,330.3.

Data from the Australian Bureau of Statistics showed the jobless rate dropped to 3.9% in November, while analysts expected a rise to 4.2% Reuters reported.

Softer economic data raised the chance of a February rate cut, but strong labor market results offset that risk, Reuters added.

With hopes for lower interest rates by early 2025 moderated, ANZ Research maintained its projected rate cut timing of May 2025 following the surprise unemployment rate decline.

Meanwhile, the Reserve Bank of Australia (RBA) flagged several issues arising from the country's transition from its current payments infrastructure, saying the industry still lacks a shared vision of what it wants to achieve.

RBA Assistant Governor Brad Jones said in a speech that some stakeholders have raised concerns about the planned transition from Bulk Electronic Clearing System (BECS) to more modern payment rails in facilitating account-to-account transfers such as payroll and pension

In corporate news, Telstra Group (ASX:TLS) was fined more than AU$3 million over hundreds of breaches of emergency call rules during a technical disruption at its Triple Zero emergency call center, according to a statement by the Australian Communications and Media Authority.

The Australian Competition and Consumer Commission (ACCC) launched civil cartel proceedings against Ventia Services (ASX:VNT) unit Ventia Australia and Downer EDI (ASX:DOW) unit Spotless over the companies' alleged price fixing activities, the regulator said in a statement. Shares of Ventia Services tumbled 23% while shares of Downer EDI fell 6% at market close.

In a separate statement, ACCC conditionally cleared Viva Energy's (ASX:VEA) proposed acquisition of the remaining 50% of fuel retailer and convenience store operator LOC Global from joint venture partner New World Corporation, subject to the divestment of certain locations.