Unemployment declines to 2.7% in February 2025, down from the previous year

In an already tight labour market, the seasonally adjusted unemployment rate fell from 3.4 per cent in February 2024 to just 2.7 per cent in February 2025.

Breaking down the latest figures, the unemployment rate for males in February 2025 stood at 2.8 per cent, slightly higher than the 2.5 per cent recorded for females. This gender difference, while marginal, may indicate varying labour market dynamics across industries traditionally dominated by each gender.

Youth unemployment remains a challenge, with the unemployment rate for those aged 15 to 24 reaching 9.0 per cent in February 2025. While this figure is significantly higher than the national average, it is not uncommon for younger workers to face greater employment barriers, including a lack of experience and increased participation in casual or part-time work.

Meanwhile, for individuals aged 25 to 74, the unemployment rate was just 2.1 per cent, demonstrating strong job security for the majority of the workforce.

The sharp drop in unemployment over the past year suggests continued economic resilience, with businesses maintaining or even increasing hiring despite global uncertainties.

As the labour market evolves, attention will turn to how these figures impact inflation, interest rates, and broader economic growth. While the decline in unemployment is positive, ensuring sustained workforce participation and addressing youth unemployment will remain key policy challenges in the months ahead.