The Australian Bureau of Statistics (ABS) released the latest labour force data today (June 19, 2025) – Labour Force, Australia – for May 2025, which revealed that the unemployment rate remained unchanged at 4.1 per cent for the second consecutive month. There was a small decrease in overall employment (-2,500) which was offset by a 0.1 point decline in the participation rate, The net effect was a small decline in official unemployment (-2,600) and a stable unemployment rate. Whether the fall in employment and participation is a signal of a significant slowdown in the coming months is unclear at this stage. Monthly data fluctuates up and down. There was a 1.3 per cent rise in monthly hours worked and significant growth in full-time employment which blurs an easy interpretation of the other changes. Underemployment also fell 0.1 point growth. The broad labour underutilisation rate (sum of unemployment and underemployment) fell to 10 per cent (down 0.1 point) on the back of the declining underemployment. It remains a fact that with 10 per cent of available labour not being used it is ludicrous to talk about Australia being close to full employment. There is substantial scope for more job creation given the slack that is present.