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Australia’s unemployment rate falls to 5.5% as economy shrugs off end of jobkeeper

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Australia’s unemployment rate falls to 5.5% as economy shrugs off end of jobkeeper

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.

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