Australia's seasonally adjusted unemployment unexpectedly was at 3.9% in May 2022, remaining at its lowest on record for the third straight month and compared with market consensus of 3.8%, amid a steady recovery in the economy from the pandemic. The number of unemployed increased 7,800 to 548,100, with people looking for only part-time work rising by 30,600 to 187,000, while those looking for full-time job falling 22,800 to 361,100. Meantime, employment rose 60,600 to a fresh high of 13.511 million, easily beating forecasts, as full-time employment gained 69,400 to 9,443,400 while part-time employment dropped 8,700 to 4,067,500. The participation rate climbed to a record peak of 66.7% from 66.4 a month earlier. The underemployment rate fell to 5.7%, the lowest since August 2008, from 5.3% in April; and the underutilization rate dropped to 9.6%, the lowest since April 1982, from 9.9% Monthly hours worked in all jobs rose 17 million to 1,856 million hours or 0.9%. source: Australian Bureau of Statistics
Unemployment Rate in Australia averaged 6.74 percent from 1978 until 2022, reaching an all time high of 11.20 percent in December of 1992 and a record low of 3.90 percent in March 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 July of 2022.
Unemployment Rate in Australia is expected to be 3.70 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 3.50 percent in 2023 and 3.80 percent in 2024, according to our econometric models.