In October, Australian “real” unemployment dropped by 0.3% to 9.2%, with a total of 1.45 million unemployed Australians, according to Roy Morgan.
The drop in unemployment followed an increase in full-time jobs and a shrinking workforce, with more than 100,000 people exiting the labor market.
Despite growth in full-time employment, part-time jobs saw a notable decline, leading to a net loss of 58,000 jobs across the country.
The Australian workforce itself decreased by 118,000, down to 15.7 million, with total employment now standing at 14.25 million. This shift contributed to an overall reduction of 60,000 in “real” unemployment from September.
Roy Morgan’s employment estimates, based on surveys of Australians aged 14+, provide insights into labor market trends. The “real” unemployment rate, which includes all job seekers, is presented as a percentage of the total workforce.
Australia saw an increase of 132,000 full-time jobs, reaching a record high of 9.5 million.
However, part-time employment fell significantly, dropping by 190,000 positions. This shift led to a reduction in people seeking full-time work by 68,000, though part-time job seekers increased slightly by 8,000, totaling 935,000.
Alongside the unemployed, another 1.48 million Australians were underemployed – working part-time but looking for more hours – bringing total underemployment and unemployment to 18.6%.
“The latest Roy Morgan employment estimates for October show total Australian unemployment or under-employment down slightly to 2,926,000 (18.6% of the workforce, down 0.1%),” said Michele Levine (pictured above), CEO of Roy Morgan.
Australia’s workforce has grown by over 850,000 since October 2022, driven by record population growth, which has surged by over 1.4 million people.
However, employment growth has lagged behind, with a gap of over 70,000 jobs compared to the expanding workforce.
Levine emphasised the importance of addressing this gap, saying, “The federal government must make tackling these persistent high levels of unemployment and under-employment the number one priority heading into [the upcoming federal] election.”
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