Unemployment Falls To 6.7%; Lowest Figure Since June 1990

Seasonally adjusted unemployment figures released today show that the jobless rate is the lowest in nearly 10 years, although the participation rate has also declined.

Unemployment in Australia was 6.7%, the lowest figure since June 1990. New South Wales recorded the lowest State figure of 5.6%, whilst Tasmania continued to record the highest with 9.9%.

The Australian labour force now consists of 9,514,000 people according to the Australian Bureau of Statistics.

The participation rate has fallen to 63.1%, but Prime Minister John Howard claims that this is the result of low interest rates, whereby the pressure on families requiring a second income is lessened.