Australia’s labour force estimates are based on a monthly survey covering employment, unemployment, underemployment, participation and working hours. This survey shows the most important trends related to the labour market in Australia, and by looking at the statistics for October 2024, we can see the development of some key indicators.
In terms of the unemployment rate, the rate remained at 4.1%, indicating relative stability in the labour market. Despite global and local challenges, this rate remains within acceptable limits for the Australian economy. On the other hand, the labour force participation rate rose to 67.2%. This increase indicates that more people have started looking for work opportunities or participating in work activities.
On the other hand, employment in Australia has witnessed a significant increase, with the number of employed people reaching 14,541,200 people. This increase represents an improvement in the provision of job opportunities within the country. However, the employment-to-population ratio remained at 64.4%, indicating relative stability in this indicator.
Despite the increase in the number of workers, the unemployment rate remained at 6.3% in some states.
reflecting the disparity in the labour market between different regions. This rate indicates that some groups still face significant challenges in finding suitable jobs.
In terms of working hours, monthly working hours increased significantly, reaching 1.971 million hours. This increase is a positive indicator of local economic activity and increased demand for work. These hours are considered an indication of government and private sector efforts to increase productivity and reduce unemployment in light of economic challenges. The number of full-time workers increased by about 9,700 people to reach 10,037,700 people. The number of part-time workers increased by about 6,200 people to reach 4,499,800 people.
Impacts and changes to the Australian Labour Force Survey
In October 2024, the Australian Bureau of Statistics made minor changes to the Labour Force Survey questionnaire. These changes were aimed at collecting additional information on underutilisation from groups of people who are not in the labour force. Although the changes are minor, they are an important step towards improving the accuracy of underemployment data.
The changes, which were implemented in July and October 2024, do not affect the Bureau’s current statistics. However, they are expected to improve the quality of future data on underemployment in the labour market.
By collecting more detailed information about people who are struggling to find work despite being available to work.
the Australian Bureau of Statistics can provide more accurate analysis of the challenges these individuals face. This will help to improve employment policies that focus on the needs of those most affected.
In addition, these improvements will support future planning for the labour market in Australia. Government and businesses will be able to make decisions based on more detailed data on underemployment gaps, facilitating effective strategies to reduce unemployment and skilled labour shortages.
While these changes are minor in size, their impact on improving data collection and analysis will be significant in the future. These improvements will provide clearer insights into labour force trends and the causes of underutilisation, helping to guide economic policies to boost employment and improve labour market participation.
These indicators continue to provide a comprehensive picture of the Australian labour market, reflecting the impact of economic policies and global conditions. Moving forward, changes in these figures are expected to have a significant impact on economic and social trends in Australia.
Employment in Australia: Analysis of changes and trends October 2024
In October 2024, employment in Australia increased slightly, with the number of employed people rising by 36,800 (0.3%) to 14,541,200. This increase reflects a relatively stable labour market, at a time when the domestic economy is experiencing some challenges.
Employment Inflows and Outflows
Employment inflows and outflows are an important indicator for understanding employment dynamics. These flows are based on a net matched sample.
where employment growth is compared between two consecutive months (around 80% of the sample). It should be noted that the sum (net) of inflows and outflows does not necessarily equal “net employment growth”, as there may be other factors influencing these changes.
In October 2024, around 456,000 people entered the labour market, meaning they were not working in September 2024.
but were employed in October 2024. In contrast, around 457,000 people left work during the same period, meaning they were working in September 2024 but were no longer working in October 2024. This change represents the difference between people entering the labour market and leaving it.
Comparison with September 2024
These figures are in slight contrast to the changes observed in September 2024, when around 482,000 people entered work, while around 391,000 people left work. This discrepancy between the two months reflects ongoing changes in the dynamics of the Australian labour market.
These data confirm that there is a continuous movement of people in and out of the labour market.
which reflects the flexibility of the Australian labour force. Despite the slight changes in inflows and outflows, the overall trend continues to point to relative stability in employment, which is helping to reduce the unemployment rate.
