ABS Labour Force Survey figures released today confirm that a record 14,641,400 Australians are in work and the unemployment rate, at 4.2 per cent, remains historically low. Encouragingly, full-time employment for women increased strongly over the month, by 40,100, to 4,048,800 - also a record high.
Seasonally adjusted employment increased by 24,500 in July. The rise in employment over the month was driven by a surge in full-time employment, of 60,500, to a record high of 10,125,900.
Employment has risen by 263,700 (or 1.8 per cent) over the past year, with nearly 70 per cent of this growth in full-time jobs.
Since May 2022, employment has risen by 1,158,800 (or 8.6 per cent), a higher rate of employment growth than all major advanced economies.
Against this backdrop, the unemployment rate fell by 0.1 percentage points, to 4.2 per cent in July, and remains low by historical standards.
The participation rate was steady over the month, at 67.0 per cent, and is close to its record high of 67.2 per cent. With a record 63.5 per cent of women now participating in the labour market.
Encouragingly, the participation rate has been at or above 67 per cent 11 times since records began and all of these have been during the Albanese Labor Government.
The average unemployment rate under the Albanese Labor Government remains the lowest of any government in half a century.
Minister for Employment and Workplace Relations Amanda Rishworth said this month's result was encouraging and highlights that the labour market remains resilient.
"Under our Government, we are ensuring a resilient workforce where Australians can maintain secure work, while keeping more money in their pockets," Minister Rishworth said.
"It is encouraging to see a positive swing in the employment figures in July and particularly pleasing that a record number of women are in work."
Treasurer Jim Chalmers said the result was very welcome news and reinforced the resilience of the Australian economy amid uncertainty and volatility around the world.
"Today's really welcome data means in just one week we've had another interest rate cut, the strongest annual real wages growth in five years, and now lower unemployment too.
The resilience of Australia's labour market is one of our best buffers against the globally uncertainty and volatility coming at us.
More than 1.1 million jobs have been created on our government's watch, we've had the lowest average unemployment of any government in the last 50 years and that's a good thing.
This progress in our economy puts us in good stead to address the global uncertainty which surrounds us and the big economic challenges which confront us."
