Of the 74,000 full-time jobs created,41,700 were in Victoria while 10,200 were in NSW. There are now record numbers of Victorian men and NSW women with full-time work.
Unemployment fell by half a percentage point in both Tasmania and the ACT,where the jobless rate is at 3.6 per cent and 2.9 per cent respectively. Underemployment around the country fell by 0.3 percentage points in the month.
Not only has unemployment fallen,the number of hours worked has lifted strongly to be 8.4 per cent above its pre-COVID level. The number of people in work is also growing to stand 6.5 per cent higher than in early 2020.
The surge in work has come despite the Reserve Bank lifting the official cash rate at its past 10 consecutive meetings.
Ahead of the jobs figures,markets and most economists had expected the RBA to hold rates at its meeting in early April because of the uncertainty caused by issues around America’sSilicon Valley Bank andCredit Suisse. Concerns about the two have led to sharp falls in equity markets across the globe.The S&P/ASX 200 has lost 6 per cent of its value since the RBA’s March 7 meeting.
Financial markets on Thursday started pricing in the chance of an interest rate cut by the middle of the year because of concerns about the global economy.