Australian Economy

Australian unemployment and underemployment collapse to 14-year low

Leith van Onselen
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The Australian Bureau of Statistics (ABS) has released labour market data for February, with Australia’s unemployment rate falling another 0.2% to 4.0% – the lowest level since August and February 2008:

Australia's unemployment rate

The key movements are summarised below:

Australian February labour market summary

As you can see, the fall in the unemployment rate was driven by the creation of 77,400 jobs (full-time +121,900; part-time -44,500), which more than offset the 0.1% rise in the participation rate to an all-time high.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.