Australia can finally boast its lowest unemployment rate since 1974, after the key jobless measure dropped to 3.9 per cent in April.
The historic milestone was confirmed by official labour force statistics this morning, which showed an additional 4000 jobs were added last month, tipping unemployment below 4 per cent for the first time in 48 years.
Underemployment – which measures those with jobs but who want to work more hours – fell from 6.3 per cent to 6.1 per cent, the seasonally adjusted figures from the Australian Bureau of Statistics showed.
Both the Morrison government and Reserve Bank have dedicated extraordinary stimulus measures through the pandemic to achieve a once-in-a generation opportunity to reach full employment.