Australia's job market remains resilient amid global economic uncertainty
The latest jobs data shows Australia's labour market faced a modest softening in September but remains resilient against the backdrop of ongoing global economic uncertainty. The unemployment rate was 4.7 per cent in September and remains low by historical standards. It's not surprising to see unemployment tick up slightly in the context of ongoing global challenges.
Full-time employment rose to a record high of 10,232,400 and is 173,600 above the level recorded a year ago. Full-time work also is now at a record high for women. The participation rate fell by 0.2 percentage points over the month, to 66.8 per cent, but is still close to its record high, showing Australians are staying engaged in work or job-seeking.
Quotes attributable to Treasurer Jim Chalmers: "Today's job figures show some easing of labour market conditions but Australia's unemployment rate remains low by historical standards. "It's unsurprising to see a tick up in unemployment in the face of global volatility and the war in the Middle East, which has contributed to higher interest rates in Australia and around the world.
"Despite all the pressures coming at us, Australia's labour market remains resilient and one of our greatest strengths. "Under the Albanese Government, around 1.3 million jobs have been created and average unemployment has been the lowest of any Government for half a century. "Australia is better placed and better prepared than other countries to confront global uncertainty, with historically low unemployment, lower debt to GDP than almost every other advanced economy and amongst the fastest annual growth compared to all major advanced economies." Quotes Attributable to Amanda Rishworth, Minister for Employment and Workplace Relations: "Australia's labour market continues to demonstrate resilience despite ongoing global economic uncertainty, while labour market conditions continue to ease from historically tight levels.
"While labour market conditions have moderated, Australia's jobs market remains resilient. "Under the current Australian Government, we've seen the lowest average unemployment rate of any government in the last 50 years. "Since May 2022, Australia has had a stronger rate of jobs growth than the major advanced economies.
Our labour force participation rate is also currently higher than the G7 economies. "We know some Australians are still doing it tough, which is why we’ll keep working to create jobs, support higher wages and provide people with the security they deserve at work."