/ 20 May 2022

Unemployment falls to record low

Image source: iStock
Image source: iStock

Australia’s unemployment rate fell to 3.9% in April – the last time it was that low, it was August 1974, and Stevie Wright’s rock anthem Evie dominated the charts. But before we let our hair hang down, it was a bit of a shock that a net 4,000 new jobs were created. Digging deeper, 92,000 full-time jobs were created, and 88,000 part-time jobs were lost – and that saw the underemployment rate fall. “So people switched to working more hours, so you could say that was good,” said NAB economist Ivan Colhoun. But we’re seeing “the most severe workforce shortages in 48 years,“ according to Chamber of Commerce and Industry CEO Andrew McKellar. And COVID continues to mess with workers with reduced hours due to illness. But experts say we’re heading towards pay rises because of increasing competition for talent.

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