'Real unemployment' is sitting at 1.69 million, despite record job high

Australia's labour market is telling a tale of two cities. While the nation celebrated an historic milestone in full-time employment in March, a staggering 3.38 million Australians are still either unemployed or under-employed.

The data, from Roy Morgan's employment estimates for March, shows that for the 16th consecutive month, labour under-utilisation has sat above the three-million mark.

"Real" unemployment saw a modest dip of 28,000 people, bringing the rate down to 10.5 percent. In a significant win for job security, full-time employment also jumped by 70,000 positions in March, hitting a new record of 9.37 million. 

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This surge suggests that despite broader economic headwinds, major industries are still hungry for permanent, stable staff.

However, this gain was offset by a bruising month for the gig economy and casual sectors. Part-time employment plummeted by 120,000, dragging total employment down to 14.49 million.

"The increase in full-time jobs is a welcome sign of resilience," Michele Levine, CEO of Roy Morgan, said 

"But we cannot ignore that over 3.3 million Australians are still struggling to find enough work to make ends meet."

There was a glimmer of relief for those "stuck" in roles with too few hours. Under-employment, defined as those working part-time but desperate for more hours, dropped by 205,000.

While the drop is significant, the total number of under-employed Australians still sits at a massive 1.69 million. When combined with the unemployed, 20.9 per cent of the Australian workforce is currently under-utilised.

While the job market held steady in March, a storm is brewing on the horizon. 

The conflict in the Middle East has sent fuel and energy prices skyrocketing, and while the full impact hasn't yet crippled the Australian employment market, that could change soon, Levine said.

"The government will be required to make additional tough decisions in the weeks and month ahead as global oil supply remains constrained by the closure of the Strait of Hormuz," Levine said. 

"The Government's next opportunity to make significant policy changes to strengthen Australia's economy and provide cost-of-living relief for Australians is at the Federal Budget due on May 12."

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