Australia's seasonally adjusted unemployment rate fell to 5.1 percent in February 2020 from 5.3 percent in the previous month and below market expectations of 5.3 percent. The number of unemployed people dropped by 26,400, while employment rose by 26,700. People looking for full-time declined by 34,000 to 468,300 and those looking for only part-time work increased 7,900 to 220,400. Employment rose by 26,700 to 13,015,100 and easily beating estimates of a 10,000 gain, as full-time employment grew by 13,300 to 8,885,600, and part-time employment went up by 7,800 to 4,124,500. Meantime, the participation rate edged down 0.1 points to 66 percent, below forecasts of 66.1 percent. The underemployment rate was steady at 8.6 percent, and the underutilisation rate fell 0.2 points to 13.7 percent. Monthly hours worked in all jobs dropped by 3 million hours, or 0.2 percent to 1,775.4 million hours.
Unemployment Rate in Australia averaged 6.80 percent from 1978 until 2020, reaching an all time high of 11.20 percent in December of 1992 and a record low of 4 percent in February of 2008. 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 April of 2020. source: Australian Bureau of Statistics
Unemployment Rate in Australia is expected to be 5.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Australia to stand at 9.50 in 12 months time. In the long-term, the Australia Unemployment Rate is projected to trend around 8.00 percent in 2021 and 6.50 percent in 2022, according to our econometric models.