Latest data available, updated 30 September 2024
Australia’s labour market remains historically tight at the start of 2024, but there are signs of softening
The unemployment rate remained 4.2% (seasonally adjusted) in August 2024 almost the same as July 2024.
The underemployment rate was 6.5% (seasonally adjusted) in August 2024, it has dropped marginally over the last twelve months and remains at low levels last seen in the mid-2000s.
There were 329,900 vacant jobs in August 2024. While vacancies have declined over the last year, the level remains double that prior to the pandemic. 2.2% of all jobs in Australia are currently vacant.
With 627,000 unemployed people in Australia, there are currently 1.9 unemployed people for each vacant job. Prior to the current labour market cycle, this ratio was around 4.0.
The industries with the highest job vacancy rates include mining (3.5%), utilities (3.1%) and accommodation and food (3.7%).
8.0% of the Australian workforce changed their employer in the year to February 2024, dropped 1.5% from the year prior which was the highest job turnover rate since 2012. Job turnover was slightly lower for men (7.9%) than women (8.2%).
Accommodation and food services has the highest job turnover rate in Australia (15.7%), with above average rates for info and telecoms, mining, administration, retail trade and construction. Job turnover was lower in agriculture, forestry and fishing, education and financial services.
The rate of casual employment was 22.3 % in August 2024. The rate has been ranging from 22.1 – 22.5% since 2023 and remains below its long-term range of 23.5 to 25.5%.
Casual employment is most common in five industries: accommodation and food, arts and recreation, retail trade, agriculture and administrative and support. Industrial sectors like construction, manufacturing, mining, wholesale trade and utilities have below-average rates of casualisation.
The data in this factsheet are derived from various ABS labour surveys. Data is collected on a quarterly or annual basis, and is typically released two or three months following the reference period. Ai Group Research & Economics will update this factsheet as new data is released. Refer to notes in the charts for links to the source data.
Ai Group Research & Economics Team
Website: Research and Economics Resource Centre
Email: economics@aigroup.com.au
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