Dimension: Broad opportunities for employment and well-paid, secure jobs
- Unemployment rate
- Long-term unemployment rate
- Underutilisation rate (hours-based)
Why does this matter
Well-paid, secure jobs provide much more than a source of income. They open up opportunities to broaden and deepen relationships, are a source of self-esteem and can underpin a sense of purpose.
Widespread access to employment is the key to a healthy, happy and prosperous society.
Unemployment is a measure that captures the extent to which people looking for work, can get it. The duration of unemployment also matters for wellbeing. Underutilisation includes those who are currently working but wish to work more hours.
Has there been progress
Currently, in Australia the unemployment rate is sitting at near 50-year lows at just 3.6 per cent.
The long‑term unemployment rate (those who have been unemployed for a year or more) is at its lowest level since 2008.
The hours-based underutilisation rate is close to historic lows at 5.3 per cent. This rate measures additional hours sought by people who are unemployed or underemployed as a share of total hours worked or sought.