Full-time employment rises in Australia as more jobs added in June
- Champa Ha
- Topics: Australia, Home Page - News, News, Recruitment
Driven by full-time positions, Australia added 32,600 jobs from May to June, and represents a rise in employment in nine out of the past 12 months.
According to the Australian Bureau of Statistics (ABS), the unemployment rate in the country remains at 3.5%, consistent with the 3.4-3.7% range it has remained in since June 2022. Bjorn Jarvis, ABS Head of Labour Statistic, said, “In addition to there being over a million more employed people than before the pandemic, a much higher share of the population is employed.”
Full-time job positions increased by 39,300 while part-time positions fell by 6,700. Australia’s job participation rate dipped slightly, from 66.9% to 66.8%; underemployment remained at 6.4%, while underutilisation edged down to 9.9%. Employment has also increased in line with population growth, with the employment to population ratio staying at a record-high 64.5%, reported Bloomberg.
With 12 rate hikes already implemented over the last 15 months by the Reserve Bank of Australia (RBA), annual jobs growth has eased to 3% from 3.1% at the start of 2023, although the RBA expects moderate job growth for the rest of the year.
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The central bank is also forecasting unemployment to climb to 4% by the end of 2023, driven by rising borrowing costs, and estimated the unemployment rate having to reach 4.5% to achieve sustainable inflation around the RBA’s 2-3% target.