At the same time, we pumped our economy with an enormous amount of stimulus and the Reserve Bank cut interest rates to record lows.
However, with closed borders, employers had little choice but to source their workers from the local pool of unemployed people.With workers becoming a scarce commodity, nearly all of the jobs created were full-time jobs.such as the long-term unemployed"While the national unemployment rate has declined by 1.6 percentage points since before the pandemic, it has declined by 3.1 percentage points for youth, and by 2.
The participation rate hit a record-high in June last year too, and it's been hovering around that level ever since.Underemployment and underutilisationThe underemployment rate, therefore, measures the number of underemployed people expressed as a proportion of the labour force.
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