Unemployment rate stays at 'historic' 3.5%

Australia's unemployment rate remained at a "historic" low of 3.5% in June, according to the latest data from the Australian Bureau of Statistics (ABS). The ABS revealed that employment increased by around 33,000 people, while the number of unemployed falling by 11,000 individuals.

"Unemployment across the country remains at an historic low at 3.5% – and the rate in NSW has a two in front of it for the first time in recorded history, at 2.9%," said Employment Minister Tony Burke in a press conference.

Burke added that the government added 498,300 new jobs in the past 13 months, with 85% of them being full-time jobs.

"We are now millimetres shy of half a million new jobs since this government came to office," the minister said.

Full-time jobs for women also recorded a 54% growth in the past 12 months, according to the official.

"What does that mean? It means when you have a government that is committed to creating more jobs, but making sure we believe those jobs should be secure, believe those jobs should be better paid, and believe that women should be able to get a better deal in the workplace through pay equity, you end up with more women going to work and being able to find themselves in full-time work where that's what they want," he said in his remarks.

Regional figures

By state, Australia's most populous New South Wales registered a 2.9% jobless rate, a new record low.

"In the whole history of these figures, since 1978 when the monthly series started, this is the first time the unemployment rate in NSW has had a two in front of it," Burke said.

Tasmania also maintained its record-low unemployment rate of 3.8% in June, according to ABS data.

"This government's clear plan to build a strong economy and deliver jobs growth is working. We will continue to do all we can to keep this momentum going," said Premier Jeremy Rockliff in a statement.

Victoria's employment also grew to a record level in June, after 7,500 citizens there landed a new job in the past month and putting the total number of people in work to more than 3.63 million.

The state's unemployment rate also remained at a record-low of 3.7%, with participation rate near a record high of 67.6%.

"There have never been more Victorians in work and that's fantastic news for families right across the state," Acting Treasurer Danny Pearson said in a statement. "A job means security and fulfilment and allows people to plan with confidence for the future."k

Monthly hours worked

Meanwhile, the monthly hours worked increased by 0.3% in June to 4.7%, according to Bjorn Jarvis, ABS head of labour statistics.

The growth in hours worked also outpaced employment's 0.2% growth, according to ABS data.

"The strength in hours worked since late 2022, relative to employment growth, shows the demand for labour is continuing to be met, to some extent, by people working more hours," Jarvis said in a media release.

"Consistent with the stronger growth in hours worked, full-time employment has increased by 380,000 people over the past year, while part-time employment increased by 30,000."

Underemployment remained at 6.4%, while underutilisation rate fell by 0.1% to 9.9%, according to ABS data.