New report shows 'sustained rise' in labour under-utilisation
Employment in Australia hit a record-high in February 2024 after reaching over 14.2 million, according to new data from market research firm Roy Morgan.
Employment went up 78,000 to 14,228,000 in February, with full-time employment driving the increase after adding 154,000 to a new record high of 9,359,000.
Part-time employment, on the other hand, dropped 76,000 to 4,869,000, according to the report.
Michele Levine, CEO of Roy Morgan, said the workforce also grew by 626,000 to over 15.6 million over the last year.
"Employment growth over the last year has grown at more than three times the 25-year annual average of 230,000," Levine said in a statement.
"The growth has been titled towards full-time employment, up 410,000 to a record high or 9,359,000, while part-time employment grew 301,000 to 4,869,000."
Unemployment, underemployment rates
Meanwhile, unemployment went up 54,000 but remained "virtually unchanged" in February 2024, with 1,436,000 or 9.2% of the workforce looking for work.
There were also 1,501,000 under-employed individuals in February 2024, down 117,000 from February.
"The latest Roy Morgan employment estimates for February show total Australian unemployment or under-employment down 73,000 to 2,937,000 (18.8% of the workforce) – the lowest combined figure since September 2023 (2,893,000, 18.9%)," Levine said.
According to Levine, longer-term trends indicate a "sustained rise in labour underutilisation" after total unemployment or under-employment averaged three million over the last six months, up from the 2.84 million over the previous six months before that.
"The sustained increase in labour underutilisation in recent months shows the labour market is struggling to provide the right jobs for all those joining the workforce," the CEO said. "Tackling this continuing high level of unemployment and under-employment must be the number one priority for the Federal Government over the next year heading into the next election due in early 2025."
