According to data from the Australian Bureau of Statistics, the unemployment rate decreased seasonally to 4% in May 2024, with a trend unemployment rate rising to 4%. The number of employed people in the month increased to 14.3556 million, a month on month increase of 0.3%, and an annual growth rate of 2.5%. The number of unemployed individuals decreased by 1.5% month on month to 598900, but increased by 15.4% year-on-year. Reduce working hours by 0.5% and maintain a stable underemployment rate. On the trend, the number of employed and unemployed individuals increased by 0.3% and 0.5% respectively in May, the number of working hours increased by 0.3%, and the underemployment rate remained at 6.7%.
Bjorn Jarvis pointed out that the working hours in May 2024 decreased due to an increase in sick leave, with 4.2% of employees reducing their working hours, exceeding the 3.5% of the same period before the pandemic. The employment rate is 64.1%, the highest since 2023, up 1.9% from March 2020. The Australian labor market remains tight.
In 2023, the population of Australia increased to 26.97 million, an increase of 2.5%, mainly due to net immigration accounting for 84%, a natural increase of 16%. Net immigration of 547300, with a decrease of 204200 departures from 751500 entries; The natural growth rate is 103900 yuan, which is 6.4% less than in 2022.
To improve the labor market situation in Australia, the following points can be considered:
Increase investment in education and training, improve the skill level and adaptability of the labor force, to meet the constantly changing market demand; By technological innovation and management improvement, labor productivity can be improved, thereby enhancing the competitiveness of enterprises; Actively participating in international cooperation, attracting foreign investment, expanding exports, improving the competitiveness of domestic industries, and creating more employment opportunities.
The implementation of the above measures is expected to improve the labor market situation in Australia and enhance the quality of employment.
