Australian labour market – steady in March

The Australian Bureau of Statistics released the latest labour force data today (March 17, 2022) – Labour Force, Australia – for March 2022. The labour market steadied after the huge rebound last month as the Covid restrictions were substantially dismantled. Employment growth was modest. There are still 1.43 million Australian workers without work in one way or another (officially unemployed or underemployed). We are seeing the impact of flat population growth coming up against growing demand for workers and that is the reason the unemployment rate has fallen so quickly. The underlying (‘What-if’) unemployment rate is closer to 6.4 per cent rather than the official rate of 4 per cent.

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