New data from the Australian Bureau of Statistics (ABS) showed that in March 2023 around 53,000 Australians found a job.
Despite this, the number of jobs gained was not enough to shift the unemployment rate from its historically low level.
ABS head of labour statistics Lauren Ford said the figures show it is still a job-seekers market.
"With employment increasing by around 53,000 people, and the number of unemployed decreasing by 1,600 people, the unemployment rate remained at a near 50-year low of 3.5 per cent," Ford said.
"In line with the increase in employment, the employment-to-population ratio increased 0.1 percentage point to 64.4 per cent, with the participation rate remaining at 66.7 per cent.
"Both indicators were close to their historical highs in November 2022, reflecting a tight labour market and explaining why employers are finding it hard to fill the high number of job vacancies."
Today's data, which largely beat market expectations, will form the foundation of the Reserve Bank's May decision on interest rates.
In April the RBA kept the cash rate target on hold at 3.6 per cent after 10 consecutive prior hikes, signalling a slowdown in the national economy.
However RBA Governor Philip Lowe flagged that key economic statistics - such as the labour market - would form the basis of the bank's next decision.
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https://news.google.com/rss/articles/CBMieGh0dHBzOi8vd3d3LjluZXdzLmNvbS5hdS9maW5hbmNlL2F1c3RyYWxpYS11bmVtcGxveW1lbnQtcmF0ZS11cGRhdGUtbWFyY2gtMjAyMy1uZXdzLzQ5NDRlNTFhLTQxNTctNGE1MC1hNDZjLTI0NGE0MGVkYjRjNdIBAA?oc=5
2023-04-13 01:34:07Z
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