VET News

Australia's Labour Market is Continuing to Rebound Strongly

Latest workforce data shows more young Australians are in work, with almost 16,000 finding employment in April.

The youth unemployment rate has dropped 1.1 percentage points to 10.6 per cent, the lowest rate since January 2009 and one percentage point lower than in March 2020, before the pandemic hit.

There are now more than 1.9 million young Australians in work and pleasingly the number of 15-24 year olds in full-time employment increased by 23,600 in April and the youth participation rate remains above the 68.2 per cent recorded in March 2020. 

Additionally, labour force figures released this week also show there were 13,040,400 Australians in work in April 2021.

The level of employment is now at 45,900 (or 0.4 per cent) above its pre-COVID level in March 2020 and 902,500 (or 7.4 per cent) higher than the trough in the labour market recorded in May 2020.

While Australia’s labour market recovery following the pandemic has beaten even the most optimistic of expectations, the Government remains acutely aware that more than 700,000 Australians remain out of work. This is why an unprecedented direct economic support is being provided, totalling $291 billion, which has helped keep businesses afloat, saved an estimated 700,000 jobs through JobKeeper and has put Australia back on the road to recovery. 

The 2021-22 Budget will help to cement Australia’s economic recovery and will secure its prosperity through measures including a further $15.2 billion in infrastructure investment, additional tax cuts for businesses and individuals, a further $2.7 billion to extend the Boosting Apprenticeship Commencements program and an additional $500 million to expand the JobTrainer Fund. 

With a jobs-led recovery at the heart of the 2021-22 Budget, the Government is securing Australia’s future by rebuilding the economy and creating more sustainable jobs to ensure Australia continues to rebound strongly from the COVID-19 induced recession.  

Full information can be accessed via the below media releases:

• Youth unemployment falls to lowest level in 12 years
• Labour Force April 2021: Full-time employment at a record high; unemployment rate drops to 5.5 per cent

Date posted May 27, 2021