Australian Bureau of Statistics unemployment figures for February show that SA’s seasonally adjusted rate dropped to 3.8 per cent from the 3.9 per cent recorded in January, which was then hailed as only the second time the rate had fallen below 4 per cent since ABS records began.

The previous low was recorded in December 2021, when a 3.9 per cent unemployment rate was reached.

The Northern Territory now has Australia’s highest jobless rate of 4.6 per cent, with Western Australia second on 3.9 per cent and South Australia equal with Queensland on 3.8 per cent, ahead of Victoria’s 3.7 per cent and Tasmania’s 3.6 per cent, with New South Wales recording 3.2 per cent. The ACT had the lowest seasonally adjusted rate of 2.9 per cent.

SA’s underemployment rate held steady at 6.9 per cent compared with a national rate of 5.8 per cent, while the participation rate -measuring those actively seeking work – was also unchanged at 63.8 per cent, ahead of Tasmania’s 61.8 per cent but markedly behind NSW’s 66 per cent, Victoria’s 67 per cent and Queensland’s 65.8 per cent. The national participation rate was 66.6 per cent.

The number of people employed in South Australia climbed by 0.5 per cent in February to 936,000.

Nationally, full-time employment climbed by 74,900 to 9.66 million, while part-time positions fell by 10.300 to 4.15 million, while youth unemployment rose to 7.9 per cent.

The Malinauskas Government said today’s ABS figures showed 936,000 South Australians were now employed, up 4,400 from January, while 614,200 had full time jobs another state record.

Treasurer Stephen Mulligan said there had “never been a better time to find a job in South Australia”.

The South Australian economy continues to boom, with record low unemployment, record high levels of jobs, and a historically high participation rate all suggesting significant economic strength for South Australia,” he said.

“While the national economy is expected to slow this year, these results show that South Australia is in a strong position to confront any economic challenges that may arise.”

The ABS said around 64,600 jobs were added to the economy over the month.

“With employment increasing by around 65,000 people, and the number of unemployed decreasing by 17,000 people, the unemployment rate fell to 3.5 per cent,” ABS head of labour statistics Bjorn Jarvis said.

“This was back to the level we saw in December.”

Many economists expected a bounce back in the employment numbers due to the unusually high number of people waiting to start a new job in the month prior.

BIS Oxford Economics head of macroeconomic forecasting Sean Langcake said these people have instead been captured in the February report, effectively unwinding the weak January result.

The return to a national unemployment rate in the mid-threes will likely support the case for further interest rate rises.

“The labour market continues to track in a very strong position, and is starting to generate faster wage growth,” Langcake said.

He said labour cost pressures were still under control but the Reserve Bank would be wanting to make sure this remains the case.

The RBA has softened its communications around future rate hikes and indicated it is getting closer to putting interest rates on hold.

-with AAP