MNI BRIEF: Aussie Unemployment Steady, Job Creation Slows

Australia’s unemployment rate held steady at 4.3% in March, in line with expectations, while employment rose by 17,900, slightly below the 20,000 increase forecast, according to data released by the Australian Bureau of Statistics.

“The unemployment rate remained steady at 4.3%, while the participation rate fell by 0.1 percentage points to 66.8%,” said Sean Crick, head of labour statistics at the ABS.

Employment growth was driven by full-time work, which increased by 53,000, partly offset by a decline of 35,000 in part-time employment.

Full-time employment rose for both males and females, increasing by 29,000 and 24,000 respectively, while part-time employment fell for both groups, down 19,000 and 16,000. Hours worked rose 0.5% in March.

The 0.4% rise in full-time hours worked was supported by a 0.5% increase in full-time employment. Part-time hours worked rose 0.6%, despite a 0.7% decline in part-time employment.

The Reserve Bank of Australia expects the unemployment rate to climb another 10 basis points by mid-2027. (See MNI POLICY: RBA Believes Labour Market Can Absorb Higher Rates)