There were 29,500 jobs lost in September while unemployment increased by 11,000 according to the Australian Bureau of Statistics.

This beat economist's expectations of a rise to 7% in the unemployment rate and 40,000 lost jobs.

Head of Labour Statistics at the ABS Bjorn Jarvis said stage 4 restrictions in Victoria are still impacting the figures.

"Employment decreased by around 0.2%, following the strong increase in August. Employment in September was around 3.3% below March. 

“The data also showed that hours worked rose by 0.5%, following a small decrease in August (0.1%). However, hours worked were 5.1% below March.

"The September data provides further insights into the labour market impacts from the Stage 4 restrictions in Victoria. Employment in Victoria decreased by 36,000, following a fall of 37,000 in August. Hours worked in the state fell by a further 2.1%, following the 4.6% fall in August,” Mr Jarvis said. 

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Update resultsUpdate
BankSavings AccountBase Interest Rate Max Interest Rate Total Interest Earned Introductory Term Minimum Amount Maximum Amount Minimum Monthly Deposit Minimum Opening Deposit ATM Access Joint Application TagsFeaturesLinkCompare
4.40% p.a.
5.75% p.a.
Intro rate for 4 months
then 4.40% p.a.
$980
4 months
$0
$250,000
$0
$0
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
0.55% p.a.
Bonus rate of 4.95%
Conditions apply.
5.50% p.a.
$1,128
$0
$100,000
$1,000
$0
1.20% p.a.
Bonus rate of 4.20%
Conditions apply.
5.40% p.a.
$1,107
$0
$250,000
$1,000
$0
Featured
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  • Easy access to your money
4.75% p.a.
5.35% p.a.
Intro rate for 4 months
then 4.75% p.a.
$1,001
4 months
$0
$249,999
$0
$0
Featured
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0.50% p.a.
Bonus rate of 4.85%
Conditions apply.
5.35% p.a.
$1,097
$1
$50,000
$500
$1
  • Maximum Age - 24
0.10% p.a.
Bonus rate of 5.00%
Conditions apply.
5.10% p.a.
$1,044
$0
$250,000
$200
$0
Featured No monthly fees
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0.05% p.a.
Bonus rate of 4.95%
Conditions apply.
5.00% p.a.
$1,023
$1
$250,000
$20
$0
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
0.05% p.a.
Bonus rate of 5.45%
Conditions apply.
5.50% p.a.
$1,128
$0
$50,000
$1,000
$0
For customers aged 14-35 years
0.05% p.a.
Bonus rate of 5.30%
Conditions apply.
5.35% p.a.
$1,097
$0
$250,000
$1,000
$0
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of . View disclaimer.

The figures are just below the 6.8% unemployment rate in August.

The unemployment rate peaked at 7.5% in July and so far looks to be on the downwards slide.

unemploy.jpg

Source: ABS

The participation rate remained steady at 64.8% while the underemployment rate increased to 11.4% 

Nationally, full-time employment increased for females but fell for males. Female full-time employment was 3.4% below March, while male full-time employment was 4.0% below.

Full-time jobs fell 20,100, while part-time jobs fell by 9,400.





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