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Australia’s unemployment rate falls to 3.9 percent, the lowest in nearly 50 years

Australia’s unemployment rate falls to 3.9 percent, the lowest point in almost 50 years

  • Unemployment in April fell to 3.9 percent, the lowest rate since September 1974.
  • The Australian Bureau of Statistics announced a milestone two days before the election
  • Unemployment rate for the first time below 4 percent since ABS compiled monthly data in 1978

Australia’s unemployment rate has dropped to 3.9 percent, the lowest rate since 1974.

The Australian Bureau of Statistics announced the historic milestone just two days before the federal election when Prime Minister Scott Morrison campaigns on economic management.

The unemployment level in April of 3.9 percent was unchanged from the March figure, which was revised down from 4 percent.

That means Australia’s unemployment level is at its lowest since September 1974.

Labor leader Anthony Albanese was unable to name Australia’s unemployment rate last month, wrongly assuming it was 5.4 percent.

Australia's unemployment rate has dropped to 3.9 percent, the lowest rate since 1974 (Pictured: a Sydney cafe worker)

Australia’s unemployment rate has dropped to 3.9 percent, the lowest rate since 1974 (Pictured: a Sydney cafe worker)

Unemployment is also below 4 percent for the first time since ABS began collecting monthly labor force data in February 1978.

Australia’s jobless ranks last month fell by 11,000 to 537,100 as 4,000 jobs were created, taking the number of people in work to 13,401,700.

The figures were taken before the Reserve Bank of Australia this month raised interest rates by a quarter percentage point to 0.35 percent, ending the era of the record 0.1 percent cash rate. hundred.

Despite falling unemployment, wages are now growing at half the rate of inflation.

The wage price index in the year to March grew just 2.4 percent, compared with a 5.1 percent rise in headline inflation over the same period, which was the fastest in 21 years.

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