Australia's unemployment rate has remained flat at 3.5 per cent, with the nation's labour market largely exceeding financial expectations that it would rise. New data from the Australian Bureau of Statistics (ABS) showed that in March 2023 around 53,000 Australians found a job.
Labour Force, Australia
In trend terms, in March 2023: unemployment rate remained at 3.5%. participation rate increased to 66.8%. employment increased to 13,883,100.
Uncertainty Clouds the Surface
South Africa is projected to see the highest jobless rate globally. As the most industrialized nation on the continent, unemployment is estimated to hit 35.6% in 2023.
Unemployment Rate in Australia averaged 6.68 percent from 1978 until 2023, reaching an all time high of 11.20 percent in December of 1992 and a record low of 3.40 percent in October of 2022.
The unemployment rate is forecast to remain around 3½ per cent until mid-2023, before rising as growth in output slows. Headline consumer price inflation was 7.8 per cent over 2022.
Unemployment rate forecast, 2023 - Country rankings:
The highest value was in South Africa: 34.72 percent and the lowest value was in Thailand: 1 percent. The indicator is available from 1980 to 2028.
Australia's unemployment rate of 6.5% in 2020 ranked 20th highest out of 37 OECD countries. This was an increase from an unemployment rate of 5.2% in 2019. The OECD average unemployment rate increased from 5.4% in 2019 to 7.2% in 2020 (OECD 2021i).
Unemployment refers to the share of the labor force that is without work but available for and seeking employment. China unemployment rate for 2021 was 4.82%, a 0.18% decline from 2020.
Information from the 2021 census, released by the Australian Bureau of Statistics (ABS) today, found that health care, retail, construction and education employed the most people across Australia.
Unemployment rate in Australia falls back to 3.5% despite interest rate rises. Australia's economy added almost 65,000 jobs in February, more than economists expected, indicating hiring was holding up amid the record run of interest rate rises.
Our US$7.3 trillion financial sector includes the world's fifth largest pool of pension assets. Why Australia? Thanks to our strong economy, talented workforce, renewable energy resources, and open trade and investment, Australia is well placed to lead and innovate in the Asia-Pacific region.
The highest unemployment figure in Australia belongs to the indigenous community of Palm Island off the coast of Cairns, with unemployment at 49.8 per cent.
Indigenous Australians, immigrants and refugees, the LGBTIQ+ community, people with disabilities, youth, the elderly, single parents and former prisoners all face a significantly higher incidence of prejudice or discrimination and a greater chance of being denied employment opportunities.
Australia's labour squeeze comes as competition for skilled labour intensifies around the world, especially in industries where the COVID-19 pandemic forced employers to cut jobs or push staff to work remotely.
Unemployment Rate in the United States averaged 5.72 percent from 1948 until 2023, reaching an all time high of 14.70 percent in April of 2020 and a record low of 2.50 percent in May of 1953.
Russia's unemployment rate is lower than in other G20 countries. This is largely due to a low fertility rate in the 1990s which has resulted in a demographic dip and left the country with fewer young workers actively seeking employment.
Percentage of employable people actively seeking work, out of the total number of employable people; determined in a monthly survey by the Bureau of Labor Statistics (website: www.bls.gov). An unemployment rate of about 4% - 6% is considered "healthy".
At this time, the average duration of unemployment reached a low of 7 months. decade ago. The share of very long-term unemployed people increased over this period: around 10 per cent of unemployed people have been unemployed for 2 or more years.
The unemployment rate in Australia is historically low. There are an estimated 480,000 open jobs in Australia at the moment. This situation is the result of several contributing factors: two years of immigration freeze during COVID, a resultant – and persistent – skills shortage, and worker discontent.
The five highest paying jobs in Australia in 2022 and 2023 are surgeons, anaesthetists, internal medicine specialists, financial dealers and psychiatrists, according to the Hays Recruitment Salary Guide.
SEEK has revealed its most- and least-applied for jobs on the jobs website for 2019, with pickers and packers' roles taking out the most-applied for job. At the other end of the spectrum, midwifery, neo-natal, NICU and SCN nursing was the least-applied for role.
The average yearly salary in Australia is 90,800 AUD (USD 60,355). Let's go through a few key indicators of the average earnings in Australia so you can fully understand salary statistics and trends in the country.
Latest data on Unemployment Rate (%)
Unemployment Rate in Russia decreased to 3.5 % in February 2023. The maximum rate was 14.1 % and minimum was 4.3 %.
Labour market overview, UK: April 2023
The timeliest estimate of payrolled employees for March 2023 shows another monthly increase, up 31,000 on the revised February 2023 figures, to 30.0 million. The unemployment rate for December 2022 to February 2023 increased by 0.1 percentage points on the quarter to 3.8%.