Original article by Roy Morgan
Market Research Update – Page: Online : 17-Jul-24

In June 2024, Australian ‘real’ unemployment dropped 62,000 to 1,307,000 (down 0.4% to 8.3% of the workforce). This is the lowest rate of unemployment since September 2022, although overall employment is virtually unchanged above 14.3 million. Although unemployment decreased in June as people left the workforce, under-employment increased by 65,000 to 1,403,000. Taken together, overall unemployment and under-employment in June was virtually unchanged at 2.7 million (17.3% of the workforce). Meanwhile, employment was virtually unchanged at 14,307,000 (down 3,000) in June. There was a shift to more part-time employment, with 4,941,000 Australians (up 72,000) now employed part-time; full-time employment was down 75,000 to 9,366,000. Roy Morgan’s unemployment figure of 8.3% is more than double the ABS estimate of 4.0% for May, but is approaching the combined ABS unemployment and under-employment figure of 10.7%.

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