The number of Australians in jobs remains at record highs – but they’re still not seeing the wage increases they need.
New labour force figures released by the Australian Bureau of Statistics today shows unemployment remains steady at 3.5 per cent
Youth unemployment is down to 7.9 per cent from 8.4 per cent with an extra 22,300 young Australians in employment. That’s well below the 11.6 per cent it was at in March 2020.
And while unemployment remains at an historically low level wages still aren’t moving.
We continue to have circumstances that should be driving wage growth but it’s increasingly clear that wage growth is not automatic.
That’s why Albanese Labor Government is working to get wages moving by supporting workers and closing the loopholes that are undermining pay.
Global inflation and the rising cost of living is putting pressure on Australians. They need pay increases to keep up.
That's why one of our first acts as a Government was to support an increase in the minimum wage, and why we are backing aged care workers in their fight for better pay.
Today’s figures show:
• The seasonally adjusted unemployment rate remained steady at 3.5 per cent in September 2022.
• The level of seasonally adjusted employment increased by 900.
• Encouragingly, full-time employment increased by 13,300 (or 0.1 per cent) over the month, to 9,478,400 in September 2022, and is 605,200 (or 6.8 per cent) above the level recorded in March 2020.
• Part-time employment decreased by 12,400 or (0.3 per cent) over the month, to 4,112,400 in September 2022, and is 9,100 (or 0.2 per cent) below the level recorded in March 2020.
• The participation rate was steady over the month, at 66.6 per cent in September 2022, and remains close to the record high of 66.7 per cent in June 2022.
• The number of people participating in the labour force rose by 9,800 over the month, to a record high of 14,090,300 in September.
• The underemployment rate increased marginally over the month, to 6.0 per cent in September 2022, but is well below the 8.8 per cent recorded in March 2020.
• The employment to population ratio remained steady at 64.2 per cent in September 2022, close to the record high of 64.4 per cent in June 2022.
• The youth unemployment rate decreased from 8.4 per cent in August, to 7.9 per cent in September 2022, and is well below the 11.6 per cent in March 2020.
• While the youth participation rate fell by 0.2 percentage points over the month, to 71.6 per cent in September 2022, it remains well above the 68.1 per cent recorded in March 2020.
While strong employment figures are clearly good news, it’s well past time Australian workers saw their wages increase.
The Government is committed to getting wages moving again and bringing the workplace relations system up to date – that’s what our Secure Jobs, Better Pay Bill will be about.