What a difference a year makes: Australia’s jobless rate falls to surprisingly low 5.6% as the most in-demand occupations – and the ones to avoid – are revealed
- Australia’s unemployment rate in March fell to just 5.6 per cent – a one year low
- Last month, 70,700 new jobs were created as JobKeeper subsidies phased out
- Australia’s total employment tally increased to a record high of 13,077,600
Australia’s unemployment rate has fallen to just 5.6 per cent – the lowest since the start of the pandemic.
In March, 70,700 positions were created as the jobless level fell from 5.8 per cent, the Australian Bureau of Statistics revealed on Thursday.
More people had a job in March 2021 than February 2020, shortly before the Covid shutdowns, putting Australia’s employment numbers at a record high.
Australia’s unemployment rate has fallen to just 5.6 per cent – the lowest since the start of the pandemic
The official jobless rate is now only a touch higher than the 5.1 per cent level of February 2020, despite the end of JobKeeper wage subsidies on March 28.
Hospitality is still the worst affected industry from the Covid shutdowns but employment is bouncing back in the food and accommodation sector with the number of new jobs in one week last month rising by 1.7 per cent – well above the economy-wide average of 0.1 per cent.
Across all sectors, 13,077,600 had a job in March 2021, even more than the 13,008,700 with work in February, the same month the share market peaked.
The Reserve Bank of Australia has vowed to keep interest rates at a record-low of 0.1 per cent until 2024 when it expects unemployment to eventually fall below pre-pandemic levels.
The futures market, which bets on interest movements, is expecting the cash rate to rise sooner as Australia’s labour market recovers from the Covid recession at a faster pace than previously anticipated.