Australia’s unemployment rate remained at 3.5 per cent in September, according to the ABS.

This follows a 0.1 per cent leap in August from the July rate 3.4 per cent, which was the lowest rate since August 1974.

“With employment increasing slightly, by around 1,000 people, and the number of unemployed increasing by 9,000, the unemployment rate rose by less than 0.1 percentage point but remained at 3.5 per cent in rounded terms,” explains Bjorn Jarvis, head of labour statistics at the ABS.

The unemployment rate for women rose 0.1 per cent, to 3.6 per cent while it remained steady for men at 3.5 per cent.

Seasonally adjusted employment increased by 1,000 people (0.01 per cent), less than the percentage increase in the population aged 15 and over (0.08 per cent).

The employment-to-population ratio decreased slightly, to 64.2 per cent, still 1.8 percentage points higher than before the pandemic.

“It is important to remember that the 1,000 employed people is a net figure – the difference between two large numbers,” explains Jarvis.

“While employment growth has slowed in recent months, there are still close to half a million people entering employment each month, and around the same number leaving employment each month.”

Shortly after the release of the figures (at 11:30am), the Australian dollar fell to US62.54c, due to the number of added jobs falling below expectation.