The youth unemployment rate has increased to 11.1%, according to the Australian Bureau of Statistics (ABS).
It’s the highest it has been since October 2021.
The youth unemployment rate covers people aged 15 to 24.
The headline unemployment rate (for all age groups) is at 4.7%.
It comes after the International Monetary Fund (IMF) released a report this week forecasting Australia will be one of a minority of developed economies where unemployment rises next year.
Unemployment rate
The unemployment rate is the share of people in the workforce who don’t have a job but are actively looking for one.
In September, the rate was 4.7%, the highest in five years.
*August data was revised to 4.7%
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The latest ABS release shows the number of people employed fell by 39,300 in September.
Part-time employment dropped by 73,700, which was partly offset by an increase in full-time employment of 34,400.
The unemployment rate for those aged 15 to 24 was 11.1%, and has been trending upwards since January.
IMF report
The data comes after the IMF released its latest outlook on the global economy.
It predicted Australia’s unemployment rate will increase from an average of 4.4% in 2026 to 4.7% in 2027.
That is one of the biggest predicted increases among advanced economies, with most others expected to hold steady or fall.
Despite the potential increase, Australia’s unemployment rate is lower than many advanced countries.
