The national unemployment rate fell 0.4 percentage points to 3.5% in June 2022, the lowest unemployment rate since 1974 according to the Australian Bureau of Statistics (ABS).
According to the ABS, the participation rate rose to 66.8%.
At the state level, the lowest unemployment rate is the ACT with 3.1% unemployed, followed by VIC at 3.2% and NSW with 3.3% unemployment.
The unemployment rate is the most commonly used indicator for understanding conditions in the labour market.
The labour market is the term used by economists when talking about the supply of labour (from households) and demand for labour (by businesses and other organisations).