Australia's seasonally adjusted unemployment rate unexpectedly was at 6.8% in November 2020, compared with market consensus and October's figure of 7%. This was the lowest jobless rate since August, as the economy emerged gradually from the COVID-19 hit. The number of unemployed declined by 17,300 to 942,100 people, as people looking for full-time work was down by 11,400 to 673,000 and those looking for only part-time work rose by 5,900 to 269,100. Employment grew by 90,000 to 12,860,700, beating estimates of a 50,000 gain, as full-time employment went up by 84,200 to 8,725,700, and part-time employment gained 5,800 to 4,135,000. The participation rate rose to a ten-month high of 66.1% in November from 65.8% in October, above forecasts of 66%. The underemployment rate fell to 9.4% from 10.4% in the prior month, and the underutilization rate dropped 1.2 points to 16.2%. Monthly hours worked in all jobs rose 42.8 million hours, or 2.5% to 1,752 million hours. source: Australian Bureau of Statistics
Unemployment Rate in Australia averaged 6.80 percent from 1978 until 2020, reaching an all time high of 11.20 percent in December of 1992 and a record low of 4 percent in February of 2008. This page provides - Australia Unemployment Rate at 5.8% in December - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Unemployment Rate in Australia is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Australia to stand at 6.30 in 12 months time. In the long-term, the Australia Unemployment Rate is projected to trend around 6.20 percent in 2021 and 5.60 percent in 2022, according to our econometric models.