Australia now has more available jobs than unemployed people according to data released by the ABS today.
The country?s national unemployment rate fell to 3.4% in July, which is the lowest it has been since August 1974.
Victoria now has the nation?s lowest unemployment rate at 3.1% while unemployment in WA is now 3.2% ? down from 3.4% in June.
The drop in the unemployment rate nationwide reflects an increasingly tight labour market, including high job vacancies and ongoing labour shortages.
So how will this affect Aussies?
Businesses of all shapes and sizes are being affected by the worker shortage so small businesses could choose to close their doors while other businesses may offer higher wages - the cost of which will be passed onto the consumer.