Australia’s effective unemployment rate that also includes people who have opted against searching for work as the economy contracts is almost double the … Unemployment Rates in the Country. The labour market is the term used by economists when talking about the supply of labour (from households) and demand for labour (by businesses and other organisations). The rates of unemployment in Australia have been averaging 6.92% from 1978 to 2016 and in 1992 was an all time high reaching 11.10%. The RBA said that while Australia’s recovery is better than expected, the labour market is expected to worsen further still. Australian jobs surged past all expectations in October led by an easing of virus restrictions in the second-most populous state of Victoria, though the unemployment rate … 5.29% (2018 est.) Employment to population ratio increased to 61.2%. Youth Unemployment Rate in Australia increased to 15.60 percent in October from 14.50 percent in September of 2020. The unemployment rate has risen to just 5.2 per cent in March, up from 5.1 per cent in February, and well below economists' expectations of a jump to 5.4 per cent. Factbook > Countries > Australia > Economy. FocusEconomics panelists project the unemployment rate to average 7.2% in 2021, down 0.1 percentage points from last month’s estimate, and 6.2% in 2022. Unemployment rate increased to 7.0%. Definition: This entry contains the percent of the labor force that is without jobs. Australia - Unemployment … National debt of Australia 2024* Underemployment rate decreased to 10.4%. COVID Pandemic Update The current U.S. unemployment rate had fallen to 8.4% in August after reaching a peak of 14.7% in April 2020. Australia Unemployment rate. The unemployment rate rose in the recessions that followed those wars. Youth Unemployment Rate in Australia averaged 13.40 percent from 1978 until 2020, reaching an all time high of 20.10 percent in October of 1992 and a record low of 7.60 percent in August of 2008. Monthly hours worked increased by 21 million hours. Employment increased to 12,773,900. The unemployment rate in Australia is 5.7% according to the Parliament of Australia. Percent, Annual, Not Seasonally Adjusted 1991 to 2020 (Oct 1) Harmonized Unemployment Rate: All Persons for Australia (DISCONTINUED) Percent. Participation rate increased to 65.8%. Latest figures from the Australian Bureau of Statistics show unemployment … Unemployment rate: 5.16% (2019 est.) Unemployment rate in Australia 2021* Youth unemployment rate in Australia in 2020; Inflation rate in Australia 2025* The most important statistics. In 2008 the country experienced the lowest levels of unemployment of 4%. Facts and statistics about the Unemployment rate of Australia. Updated as of 2020. The unemployment rate is the most commonly used indicator for understanding conditions in the labour market. The country’s unemployment rate has risen to 7 per cent, with 25,500 Australians now looking for work. Youth Unemployment Rate for Australia . Substantial underemployment might be noted.