Australia's seasonally adjusted unemployment rate jumped to 6.2% in April 2020 from 5.2% in March, but below market expectations of 8.3%. It was the highest jobless rate since September 2015, amid business closures and lockdowns due to the coronavirus pandemic. The number of unemployed surged by 104,500 to 823,300. People looking for full-time rose by 115,000 to 622,300, while those looking for only part-time work fell by 10,600 to 200,900. Employment tumbled by 594,300, the largest drop on record, to 12,418,700, compared with estimates of a 575,000 fall, as full-time employment dropped by 220,500 to 8,656,900, and part-time employment declined by 373,800 to 3,761,800. The participation rate fell to an over 15-year low of 63.5%. The underemployment rate rose 4.9 points to a record of 13.7%, and the underutilization rate increased 5.9 points to an all-time high of 19.9%. Monthly hours worked in all jobs fell 163.9 million hours, or 8% to 1,625.8 million hours.
Unemployment Rate in Australia averaged 6.80 percent from 1978 until 2020, reaching an all time high of 11.20 percent in December of 1992 and a record low of 4 percent in February of 2008. This page provides - Australia Unemployment Rate at 5.8% in December - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Australian Bureau of Statistics
Unemployment Rate in Australia is expected to be 10.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Australia to stand at 9.00 in 12 months time. In the long-term, the Australia Unemployment Rate is projected to trend around 8.00 percent in 2021 and 6.50 percent in 2022, according to our econometric models.