Australia's share market has pipped its intraday record and highest-ever close, after surprise jobs figures bolstered the likelihood of an interest rate cut.

The benchmark S&P/ASX200 jumped 77.5 points on Thursday, up 0.86 per cent, to 9,068.4, as the broader All Ordinaries surged 76.9 points, or 0.83 per cent, to 9,375.9.

The top 200 soared above 9,100 points for the first time during the session, smashing its previous intraday peak of 9,054 points set in August.

After weeks of low volatility, a shock uptick in September unemployment lit a match under expectations of an interest rate cut.

While many major bank economists expect the Reserve Bank to hold the cash rate at 3.6 per cent in November, rates markets indicate a cut is 80 per cent likely and have fully priced a rate reduction b

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