Unemployment in Australia
Australia - Unemployment
Lockdowns weigh on Australia’s labor market in October
Seasonally-adjusted employment fell by 46,300 in October, following 141,100 jobs shred in September. October’s result was driven by a decrease in both part-time and full-time employment.
Meanwhile, the seasonally-adjusted unemployment rate rose to 5.2% in October, from September’s 4.6%, marking the highest reading in six months. Moreover, the seasonally-adjusted underemployment increased from 9.2% in September to 9.5% in October. However, the participation rate rose to 64.7% from September’s 65.2%.
Commenting on the release, Robert Carnell, Asia-Pacific regional head of research at ING, stated:
“For one thing, Australia's employment numbers are almost certainly still reflective of earlier lockdowns. With vaccination rates in NSW and Victoria, the two biggest states passing 80%, the roadmap to re-opening is now underway and we should see employment numbers surge in the coming months as layoffs return to work.”
FocusEconomics panelists project the unemployment rate to average 5.0% in 2022, down 0.1 percentage points from last month’s estimate, and 4.9% in 2023.
Australia - Unemployment Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Unemployment Rate | 6.1 | 5.7 | 5.6 | 5.3 | 5.2 |
Australia Unemployment Chart
Source: Australia Bureau of Statistics and FocusEconomics calculations.
Australia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.37 | 1.47 % | Dec 31 |
| Exchange Rate | 0.70 | 0.05 % | Dec 31 |
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Economic News
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Australia: RBA stands pat in December
December 7, 2021
At its monetary policy meeting on 7 December, the Reserve Bank of Australia (RBA) decided keep the cash rate unchanged at the all-time low of 0.10%, and stated it will continue purchasing government bonds at the rate of AUD 4 billion a week until at least mid-February next year, in order to maintain accommodative financing conditions. The decision was underpinned by moderate inflationary pressures, as well as the ongoing economic recovery amid a fast vaccine rollout.
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Australia: Economic growth slows less than expected in the third quarter
December 3, 2021
Economic activity dropped 1.9% on a seasonally-adjusted quarter-on-quarter basis in Q3, contrasting the previous quarter's 0.7% expansion.
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Australia: Retail sales growth jumps in October
December 2, 2021
Retail sales climbed 4.9% in month-on-month seasonally-adjusted terms in October, which followed September's 1.3% increase and benefited from easing Covid-19 restrictions.
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Australia: Lockdowns weigh on Australia’s labor market in October
November 11, 2021
Seasonally-adjusted employment fell by 46,300 in October, following 141,100 jobs shred in September.
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Australia: Business confidence jumps in October
November 11, 2021
The business confidence index produced by National Australia Bank (NAB) improved to 20.8 points in October from 9.6 points in September.
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