The Australian economy has shrugged off the end of jobkeeper wage subsidies, with unemployment falling to 5.5% despite the loss of 30,600 jobs in April.
The labour force statistics, released on Thursday, show that 33,600 people – mostly women – exited the labour market in April, driving participation down 0.3% to 66%, and that 13m fewer hours were worked.
But the figures will be well-received after warnings from the Reserve Bank that the economy would likely shed jobs when the subsidy ended, resulting in a “month or two” of higher unemployment.
The figures also show youth unemployment is now better than at the start of the pandemic, down to 10.6%, one point lower than March 2020.
