Australia’s unemployment rate has fallen, according to latest figures.
The number of Australians employed jumped by just over 70,000 between February and March to reach 13,077,600, according to data released by the Australian Bureau of Statistics on Thursday.
Employment is 0.6 percentage point higher than March 2020, when the COVID-19 pandemic had just gripped the nation’s economy.
The unemployment rate has declined by 0.2 percentage points to 5.8 per cent, with unemployment decreasing by 27,100 people, Australian Bureau of Statistics labour force data released on Thursday shows.
That figure was 0.4 percentage points higher than a year ago.
The underemployment rate also dropped to 7.6 per cent.
The participation rate jumped 0.2 per cent to 66.1 per cent over the month.
The overall participation rate rose 0.4 per cent over the past year, decreasing less than 0.1 per cent among men (to 70.9 per cent) and rising 0.4 per cent among women (to 61.8 per cent).
Treasurer Josh Frydenberg stressed 80 per cent of the new jobs went to women, while over half went to young people.
“The participation rate has also risen to a record high. The Morrison Govt’s Economic Recovery Plan is working,” he tweeted.
More to come …