Australia’s job market remains resilient despite softening

The latest jobs data shows the Australian labour market remains resilient against the backdrop of the conflict in the Middle East and global oil shocks.

Australia’s unemployment rate increased to 4.5 per cent in April, which remains low by historical standards.

The resilience of our labour market is seeing Australia enter this period of global uncertainty from a position of strength.

There are 128,000 more Australians in work than there was a year ago and the participation rate is close to a record high at 66.7 per cent.

We also saw the number of hours worked by Australians increased in April and the underemployment rate fall. Showing more workers are getting the hours they want.

Our Government is taking the practical measures required and working to shield our nation and household budgets from the worst of this global uncertainty. Including by delivering five tax cuts in total, which equal up to $2,800 a year for the average worker.

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

“Despite the ongoing uncertainty in the global economy, particularly around the conflict in the Middle East, today’s figures show Australia is well placed to face these challenges. 

“More than 1.2 million jobs have been created since May 2022, with employment increasing by 9.3 per cent over this period - a higher rate than any other major advanced economy.

“Despite the softening we have seen in today’s results, there are more Australians in jobs than a year ago, unemployment remains low and participation is near record highs.

“We know some Australians are still doing it tough. We’ll keep working to create more jobs, lift wages and ensure people have the security they deserve at work.”