Australia's seasonally adjusted unemployment rate surged to 7.4% in June 2020 from 7.1% in May, in line with market expectations. It was the highest jobless rate since November 1998, as public health measures to contain the COVID-19 crisis took a huge toll on the economy, including the labor market. The number of unemployed soared 69,300 to an all-time high of 992,300. People looking for full-time rose by 38,000 to 731,600 and those looking for only part-time work went up 31,300 to 260,700. Employment increased 210,800 to 12,328,500, beating estimates of a 112,000 rise, as part-time employment went up by 249,000 to 3,839,400, while full-time employment dropped by 38,100 to 8,489,100. The participation rate rose to a 3-month high of 64%, above forecasts of 63.6%. The underemployment rate was down 1.4 points to 11.7%, and the underutilization rate declined 1 point to 19.1%. Monthly hours worked in all jobs rose 64.3 million hours, or 4% to 1,664.7 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 August of 2020. source: Australian Bureau of Statistics
Unemployment Rate in Australia is expected to be 8.20 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 7.90 in 12 months time. In the long-term, the Australia Unemployment Rate is projected to trend around 7.30 percent in 2021 and 6.30 percent in 2022, according to our econometric models.