Home > Latest News > Australian Unemployment Rate Hits 14-Year Low

Australian Unemployment Rate Hits 14-Year Low

Unemployment dropped to 4 per cent in February, the lowest it’s been in 14 years.

77,400 unemployed people found jobs during February, defying market expectations of a modest drop to 4.1 per cent. The country is on track to reach a 48-year low later this year, as the figure hopefully falls below the 4 per cent mark. The 3.8 per cent unemployment rate for women is the lowest since May, 1974.

“This is the lowest unemployment rate since August 2008 and only the third time in the history of the monthly survey when unemployment was as low as 4 per cent,” Bureau of Statistics head of labour statistics Bjorn Jarvis said.

“The increase in participation continues to be particularly pronounced for women, rising 0.2 percentage points to a further record high of 62.4 per cent in February, and now 1.2 percentage points above the start of the pandemic.”