While the number of jobs added during September, at +6.7K, is a disappointment the other 'headline', the unemployment rate, dropped to 3.6% from 3.7%. Due to a big drop in participation, from a record high of 67% in August to 66.7% in September.

Australian September employment reort 2023

The split between full- and part-time employment change is ugly:

  • full-time nearly -40K, this is worse than it looks given the prior month was only +2.8K
  • part-time +46.5K
  • hours worked fell 0.4% m/m (to be -0.9% for the quarter)
  • underemployment rate 6.4% (from 6.6%)
  • underutilisation rate (combines the unemployment and underemployment rates) 9.9% from 10.2%


Published at the same time was the National Australia Bank quarterly business survey:

Business Confidence in Q3 came in at -1

  • prior -4