The unemployment rate remained at a near 50-year-low in March, according to data released today by the Australian Bureau of Statistics.

Employment increased by around 53,000 people, and the number of unemployed dropped by 1,600 people, with the rate remaining at 3.5 per cent.

“In line with the increase in employment, the employment-to-population ratio increased 0.1 percentage point to 64.4 per cent, with the participation rate remaining at 66.7 per cent,” explains Lauren Ford, ABS head of labour statistics.

“Both indicators were close to their historical highs in November 2022, reflecting a tight labour market and explaining why employers are finding it hard to fill the high number of job vacancies.

“With consecutive months of strong growth in female employment (up 81,000 over the past two months), the female participation rate increased to a record high of 62.5 per cent, and their employment-to-population ratio also hit a historical high of 60.4 per cent,” Ford added.