The rise in the national unemployment rate has resulted in a staggering 30,000 more Australians being without work.
In April 2024, the Labour Force survey participation increased by 0.1 per cent, reaching 66.7 per cent. This rise was inclusive of both employed and unemployed Australians from March 31 to Saturday April 13.
Australian Bureau of Statistics, Head of Labour Statistics, Bjorn Jarvis said that this year’s statistics are similar to those before COVID-19.
“With employment rising by around 38,000 people and the number of unemployed growing by 30,000 people, the unemployment rate rose to 4.1 per cent, and the participation rate increased to 66.7 per cent,” Mr Javis said.
The lack of increased opportunities within the workforce sector reflects the 30,000 spike seen in April. As the employment ratio remained steady, it indicates that the workforce sector is not opening up opportunities to those entering the workforce, according to the ABS.
“The employment-to-population ratio remained steady at 64.0 per cent in April, indicating that recent employment growth is broadly keeping pace with population growth,” Mr Jarvis said.
“This suggests that the labour market remains tight, though less tight than late 2022 and early 2023.”
University of Wollongong economics professor Alfredo Paloyo said that the labour markets are due to tighten due to the trends seen in the ABS figures.
“Given the numbers, it looks like the Australian labour market is still tight, although perhaps less so compared to the last couple of years.” Prof Paloyo said.
“Given these numbers, it may give the RBA more reason to pause hiking the cash rate, but the rather inflationary federal budget might dominate the cooling effect of a loosening labour market.”
Given the spike in participation for the Labour Force report, the statistics over the coming years is expected to showcase market trends over time.
Additional research by Hayley Prenter
