The latest Labour Force Statistics released by the Australian Bureau of Statistics has shown the Australian economy added 70,700 jobs in the month of March, driving down the national unemployment rate to 5.6% in seasonally adjusted terms. This represents the lowest monthly rate recorded in Australia since the onset of the COVID-19 pandemic in March 2020, when the national unemployment rate stood at 5.2%. Additionally, the number of collective monthly hours worked by Australians rose by 2.2%, to a record 1,800 million. The number of hours worked rose in every state and territory, with the exception of the ACT in March, while all states and territories recorded growth in the number of employed people, with the exception of South Australia, the Northern Territory and the ACT.
The national unemployment rate would likely be lower if it wasn’t for the growth in the participation rate over the past year. The participation rate refers to the number of Australians with a job, or seeking one. Over the year through March 2021, an additional 74,300 individuals are in work, while an additional 43,600 people are participating in the labour market. Growth in the participation rate has been highest among females over the past year, with 61.8% of Australian women working, or actively seeking employment. This is the highest level on record, surpassing the previous high of 61.5% set in January 2020, before COVID induced lockdowns.
