Unemployment in Australia

Australia Unemployment | Economic News & Forecasts

Australia - Unemployment

Unemployment rate falls in October

Seasonally-adjusted employment increased by 32,200 in October, following 3,800 jobs shed in September. October’s result was driven by an increase in full-time employment more than offsetting a decline in part-time employment.

Meanwhile, the seasonally-adjusted unemployment rate fell to 3.4% in October from 3.5% in September. Meanwhile, the participation rate was steady at September’s 66.6%, as did the seasonally-adjusted underemployment rate, unchanged from September’s 6.0% in October.

Commenting on the release, Robert Carnell, economist at ING, stated:

“It is difficult to see how the labour market is going to tighten significantly further from here. This month may be one of the last to show solid employment gains, though we may need to wait until early 2023 for softening to become more apparent and for the unemployment rate to start nosing higher.”

FocusEconomics panelists project the unemployment rate to average 4.0% in 2023, down 0.1 percentage points from last month’s estimate, and 4.3% in 2024.

Australia - Unemployment Data

2015   2016   2017   2018   2019  
Unemployment Rate6.1  5.7  5.6  5.3  5.2  

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Australia Unemployment Chart

Australia Unemployment
Note: Unemployment in % of active population.
Source: Australia Bureau of Statistics and FocusEconomics calculations.

Australia Facts

Value Change Date
Bond Yield1.371.47 %Dec 31
Exchange Rate0.700.05 %Dec 31

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