Australia's Unemployment Rate Hits 3.9%, Lowest in 48 Years... Expected to Influence Weekend General Election

[Asia Economy Reporter Kim Hyunjung] Australia's unemployment rate in April has fallen to the 3% range for the first time in 48 years.

Bloomberg News cited data from the Australian Bureau of Statistics (ABS) on the 19th, reporting that the unemployment rate in April was recorded at 3.9%. This is the lowest level in 48 years since August 1974 (2.7%). According to the ABS, since the statistics at that time were based on quarterly data, the unemployment rate in April this year is likely the lowest on a monthly basis. The ABS also stated, "The number of unemployed people decreased by as many as 11,000 over the past month."

By employment type, part-time employment decreased by 88,400 jobs, while full-time employment increased by 92,400 jobs. Total hours worked also increased by 23 million hours, and the underemployment rate fell by 0.2 percentage points from the previous month to 6.1%. The Australian Federal Treasury and the Reserve Bank of Australia (RBA) expect the unemployment rate to continue declining until the end of this year.

The news agency predicted that this indicator would influence the upcoming general election over the weekend. Australian Prime Minister Scott Morrison emphasized, "When you become unemployed, your life choices disappear," and stated, "Employment activity is the most important thing in the economy." The agency also reported, "Prime Minister Morrison argues that economic policies are being strongly pursued, and given the situation where voters seeking jobs, household asset issues, and offshore risks are increasing, now is not the time for change."

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