Australia's seasonally adjusted unemployment rate fell to 5.1 percent in December 2019 from 5.2 percent in the previous month and below market expectations of 5.2 percent. It is the lowest jobless rate since March, as the number of unemployed people fell by 12,900 to 693,100 while employment rose by 28,900 to 12,981,600. Part-time employment increased by 29,200 to 4,146,900 people while full-time employment dropped by 300 to 8,834,700. Meantime, the participation rate was unchanged at 66.0 percent, remaining at its lowest level since June and matching forecasts. The underemployment rate was at 8.3 percent in December, the same as in the prior month while the underutilisation rate dropped 0.1 points to 13.4 percent. Monthly hours worked in all jobs went up by 8.2 million hours, or 0.5 percent to 1,791.1 million hours. Unemployment Rate in Australia averaged 6.81 percent from 1978 until 2019, reaching an all time high of 11.20 percent in December of 1992 and a record low of 4 percent in February of 2008. source: Australian Bureau of Statistics
Unemployment Rate in Australia is expected to be 5.40 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 5.50 in 12 months time. In the long-term, the Australia Unemployment Rate is projected to trend around 5.70 percent in 2020, according to our econometric models.