Part-time employment driving record-high employment figures
The number of employed Australians continued soaring to record-highs in March to over 14.26 million, according to new data from Roy Morgan.
There were 14,267,000 employed individuals in March 2024, up 39,000 from the previous record-high registered in February.
Part-time employment drove the increase after going up 295,000 to a record-high of 5,164,000. Full-time employment, on the other hand, went down 256,000 to 9,103,000.
This trend of the increasing casualisation of the workforce is evident when comparing the latest employment figures for March with a year ago, said Michele Levine, CEO of Roy Morgan, in a statement.
Since March 2023, part-time employment has surged by 580,000 (84% of jobs created over the last year) while full-time employment has increased by only 113,000 (16% of jobs created).
Increase in under-employment numbers
The rise in Australia's part-time employment is correlated to the increase in under-employment, which went up by 75,000 to hit 1,576,000 in March 2024.
It comes as Australia's under-employed individuals include those working part-time but looking for more work, according to Roy Morgan.
Levine said the sustained increase in under-employment in the past months shows that Australia's labour market is struggling to provide the right jobs for those joining the workforce.
These results indicate the underlying weakness in the economy with under-employment now over 1.5 million for six months in a row – this has never happened before, even during the recent pandemic – 'another reason' why the Reserve Bank should consider reducing interest rates, the CEO added.
Unemployment numbers decline
Meanwhile, unemployment rate saw a 78,000 decrease to 1,358,000 in March 2024, with fewer people in search of part-time work.
There were 763,000 looking for part-time work, while 595,000 looking for full-time employment, according to Roy Morgan.
Source: Roy Morgan Single Source January 2019 – March 2024. Average monthly interviews 5,000.
Overall, Australia's unemployment or under-employment remained virtually unchanged at 2,934,000 of the total workforce.
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, Levine said.
https://www.hcamag.com/au/specialisation/recruitment/australias-employment-numbers-hit-new-record-in-march/484287
