"The participation rate in June was only 0.1 percentage point lower than the historical high of 67.0 per cent in November 2023,” noted Bjorn Jarvis, head of labour statistics at the ABS.
“The employment-to-population ratio rose by 0.1 pp to 64.2%, which was also close to its historical high of 64.4% in November 2023. The employment-to-population ratio and participation rate both continue to be near their 2023 highs. This, along with the continued high level of job vacancies, suggests the labour market remains relatively tight, despite the unemployment rate being above 4.0% since April.”
The RBA board discussed further hikes at its most recent meeting in June. (See MNI RBA WATCH: Hikes Discussed As Bullock Steers Narrow Path)
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