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Roy Morgan has released its labour force estimates for September, which shows the nation’s unemployment rate fell to 10.2% from 11.0%, and the underemployment rate fell to 8.7% from 9.1%:
The monthly fall in the unemployment rate reflects seasonality, given September generally reports a decline versus August.
The unemployment rate in September 2023 (10.2%) was 1.5% higher than September 2022 (8.6%) and 1.4% higher than September 2019 (8.7%), before the pandemic.
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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.
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