Australia's seasonally adjusted unemployment rate unexpectedly rose to 3.7% in April 2023, marking a slight increase from the previous months and deviating from market expectations of 3.5 percent. The number of unemployed individuals increased by 18,400 to reach 528,000, while employment declined by 4,300, reaching a total of 13.88 million. This represents the first decrease in employment over the past three months, falling short of market forecasts that predicted a 25,000 rise. The participation rate saw a slight decrease from 66.8% to 66.7%, aligning with market consensus. The underemployment rate, which indicates the number of individuals seeking additional work or longer hours, decreased slightly from 6.2% to 6.1%. In terms of overall working hours, there was an increase of 29 million or 2.6% in monthly hours across all jobs, reaching a total of 1,974 million. source: Australian Bureau of Statistics
Unemployment Rate in Australia averaged 6.67 percent from 1978 until 2023, reaching an all time high of 11.20 percent in December of 1992 and a record low of 3.40 percent in October 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 June of 2023.
Unemployment Rate in Australia is expected to be 3.50 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 5.10 percent in 2024 and 4.90 percent in 2025, according to our econometric models.