The job market in Australia significantly outperformed economists’ predictions of unemployment at 5.3 percent and an additional 200,000 positions. Instead, the month of November 2021 saw unemployment at 4.6 percent and over 366,000 new jobs added to the economy, according to the Australian Bureau of Statistics.
The let-up of restrictions in Victoria and NSW had a huge influence on the country’s figures, with employment in the two states growing by 180,000 employees and 141,000 workers between October and November. Westpac reported underemployment shifted in November, falling to 7.5 percent, a record since the beginning of 2014.
RBA Governor Philip Lowe said the Australian job market was expected to tighten more over the next few years, and the bank’s hope is for the unemployment rate to reach 4.25 percent by the end of the year and four percent at the end of 2022.
Lowe said if Australia could reach these goals, it would bring good outcomes. The country has not had a sustained time of unemployment at these low records since the early 70s. As employment rates continue to decline and workers are harder to come by, more attention will need to be given to training and skills development than over the past few decades.
The November unemployment rate is close to the August rate of 4.5 percent, the lowest in over ten years. There are many opportunities for you in Australia.