Australia’s job market remains resilient

The latest jobs data shows Australia’s labour market remains resilient, even as global economic pressures continue.

The unemployment rate fell to 4.4 per cent in May, remaining low by historical standards and demonstrating that the labour market is one of our key strengths in this period of global economic uncertainty. 

Importantly, 40,300 more Australians were in work over the month. This was at the higher end of market expectations.

This means there are now 147,500 more people in jobs than a year ago, which is good news for the Australian economy. Since our government was elected, more than 1.25 million new jobs have been created. This is stronger jobs growth than any major advanced economy.

We’re also seeing more Australians engaging with the workforce, with participation remaining at 66.7 per cent, which is close to a record high. That shows more people are not only finding jobs, but feeling confident to enter or re-enter the labour market.

Quotes attributable to Treasurer Jim Chalmers:

“Today’s jobs numbers are a very welcome reminder of the strength of our labour market and the resilience of our economy in the face of all this global uncertainty. 

“It means more than 1.25 million jobs have now been created on our watch, most of them full time. 

“This Albanese Labor Government has overseen the lowest average unemployment of any Australian government in the last half a century.”

Quotes Attributable to Amanda Rishworth, Minister for Employment and Workplace Relations:

“Amid ongoing global uncertainty, Australia’s labour market continues to show resilience.

"More people are participating in the labour market, with participation remaining high by historical standards.

“We have made a lot of progress, but we know some Australians are still doing it tough. 

“That’s why we’ll keep working to create more jobs, lift wages and ensure people have the security they deserve at work.”