Unemployment in Australia is continuing to trend downwards, the ABS has confirmed, with the September figure hitting a new six-year low.
According to the Bureau of Statistics, trend unemployment sat at 5.2 per cent in September. That figure remained steady after it revised its initial estimate for August down to the same level.
“Today’s figures continue to show a gradual decrease in the trend unemployment rate that began in late 2014,” ABS chief economist Bruce Hockman said.
“The trend unemployment rate of 5.2 per cent is the lowest it has been since mid-2012.”
According to the figures, trend employment increased by 26,000 jobs for the month – 21,000 of which were full-time positions.
The volume of hours worked also increased in September, edging up by 2.8 million hours (or 0.2 per cent) to more than 1.755 billion.
It was helped upwards after the participation rate remained steady at 65.6 per cent.
NSW and Victoria spearheaded the employment surged, with trend employment growth surging by 3.4 per cent and 2.6 per cent respectively. All other states and territories recorded rates at or below their respective 20-year averages.
Despite the employment market gradually tightening, the RBA revealed in the minutes of its most recent monthly board meeting that it is not worried about runaway inflation or wage rises for the foreseeable future, although it did warn of the possibility that banks will continue to increase lending rates.
Adam Zuchetti is the editor of My Business, and has steered the publication’s editorial direction since early 2016.
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