Australia's seasonally adjusted unemployment fell to a fresh record low of 3.5% in June 2022 from 3.9% in the prior three months and well below market forecasts of 3.8%, amid a further recovery in the economy from the pandemic. The number of unemployed dropped 54,300 to 493,900, with people looking for only part-time work declining by 35,900 to 151,100, and those looking for full-time job falling 18,400 to 342,700. Meantime, employment rose 88,400 to a new peak of 13.60 million, exceeding forecasts of a 30 thousand rise and up for the 8th straight month, as full-time employment gained 52,900 to 9,496,300 and part-time employment rose 35,500 to 4,103,000. The participation rate was at a new high of 66.8%, compared with consensus and May's print of 66.7%. The underemployment rate went up to 6.1% from May's near 19-year low of 5.7%; while the underutilization rate was at 9.6%, staying at its lowest since April 1982. Monthly hours worked in all jobs was unchanged at 1,856 million hours. source: Australian Bureau of Statistics
Unemployment Rate in Australia averaged 6.73 percent from 1978 until 2022, reaching an all time high of 11.20 percent in December of 1992 and a record low of 3.50 percent in June of 2022. This page provides - Australia Unemployment Rate at 5.8% in December - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.
Unemployment Rate in Australia is expected to be 3.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Unemployment Rate is projected to trend around 3.50 percent in 2023 and 3.80 percent in 2024, according to our econometric models.