Unemployment falls as job opportunities surge

The unemployment rate in Australia has seen another month-on-month decrease, falling 2 basis points to 5.6% in March according to the most recent Australian Bureau of Statistics (ABS) labour force data .
This represents an additional 70,700 people gaining employment last month, which more than doubled many projections.
However, the ABS reporting period fell before the end of the JobKeeper COVID wage subsidy on 28 March. With this in mind, the Bureau anticipates some job losses in the next two months.
It is also important to note the March gains have largely been in part-time work. Full-time employment actually decreased by 20,800 people, while part-time jobs rose by 91,500.
RELATED: Domestic holidays boost economy by more than $7 billion.
More jobs with competition at bay: Is it too good to be true?
Major employment marketplace SEEK has seen significant growth in job ads in 2021.
In its latest employment report, the platform noted a record monthly increase of 10.3% in new advertisements from February to March, as well as yearly growth of 75%.
“In mid-March 2020, we saw COVID have a swift and extreme impact on the labour market – 12 months on and we have seen the highest number of job ads posted on SEEK in a month than at any time in our more than 23-year history,” SEEK managing director Kendra Banks said.
Interestingly, she also noted applications per-ad had dropped by 14% compared to February 2020.
“There are likely many reasons contributing to this decline such as: a reduced labour supply impacting the ability to fill roles, workers displaying a more cautious approach to career moves following a turbulent year, and with more jobs available, there is a knock-on effect to the number of applications per job ad posted,” Banks said.
While this sounds like a prime market for job hunters, those looking for the ideal position should prepare themselves and their resumes for the coming months.
The participation rate of people in or actively seeking employment has risen to a record high of 66.3%, according to the ABS. As workers reliant on the JobKeeper subsidy brace themselves for reduced hours or of loss of work, these factors could converge and result in more people vying for prized roles, especially in decreasing full-time employment opportunities.
Hear more about the industries leading these job ads in the latest episode of The Finance Burrito podcast: Taking a bite out of Apple Music and unemployment.
Whether you’re currently employed or looking for work, it’s wise to have a comprehensive understanding of your incomings and outgoings. Get on top of your finances with Mozo’s guide to building a budget, then check out the savings accounts below so you can make your money work for you.
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Hi Saver
4.50% p.a. (for $0 and over)
0.20% p.a.(for $0 and over)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
CompareCompareHi Saver
Earn bonus interest on your savings for the first four months from the date you open the account, even if you make withdrawals. Transfer or make payments using our mobile app or internet banking. No minimum balance required. Rest easy knowing total deposits up to $250,000 are protected by the Financial Claims Scheme.
- Maximum rate
- 4.50% p.a. (for $0 and over)
- standard interest rate
- 0.20% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about P&N Bank savings accounts
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Mozo experts choice awards won:
- Kick Start Savings - 2025
- Highly Commended SMSF Savings Bank - 2025
High Interest Savings Account
5.15% p.a. (for $0 to $250,001)
3.70% p.a.(for $0 to $250,001)
Yes up to $250,000
Bonus rate for the first 4 months from account opening
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
CompareCompareHigh Interest Savings Account
Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account. No Account keeping fees. No minimum balance. Support Aussie farmers with every dollar you save.
- Maximum rate
- 5.15% p.a. (for $0 to $250,001)
- standard interest rate
- 3.70% p.a.(for $0 to $250,001)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Bonus rate for the first 4 months from account opening, reverting to standard variable rate. Rate shown is for Personal customers and is subject to change. Different rates apply to Business/SMSF customers.
- Access
- Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must link to a transaction account. Minimum age for applying from a Rabobank Online Savings Account is 18 years.
Read reviews and learn more about Rabobank savings accounts
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Boss Saver
4.90% p.a. (for $0 to $100,001)
0.45% p.a.(for $0 and over)
Yes up to $250,000
Minimum $500 deposited into linked transaction account, and 5 Visa Card transactions from that account
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
CompareCompareBoss Saver
Bonus interest for the first four months from the account opened date. No minimum balance required. No monthly or ongoing fees or withdrawal penalties. Manage your money easily via phone or online banking or via the BCU Bank app.
- Maximum rate
- 4.90% p.a. (for $0 to $100,001)
- standard interest rate
- 0.45% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Minimum of $500 deposited into a linked BCU Access Account, and at least 5 eligible Visa Card transactions made from that linked account.
- Access
- BPay, Branch access, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- -
Read reviews and learn more about BCU Bank savings accounts
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Life - 18-29 years old
5.00% p.a. (for $0 to $30,000)
0.40% p.a.(for $0 and over)
Yes up to $250,000
Make 5 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
CompareCompareLife - 18-29 years old
Are you 18 - 29 years of age? Earn up to a generous variable interest rate on your savings when you spend and save with Westpac. For individuals aged 18 to 29 on Westpac Life account balances up to $30,000.
- Maximum rate
- 5.00% p.a. (for $0 to $30,000)
- standard interest rate
- 0.40% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- Make 5 eligible card purchases per month with a Westpac Choice account and min 1 eligible deposit and account balance must not fall below $0 and should have higher balance on the last business day than at the beginning of the month in Life savings account.
- Access
- Branch access, Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must hold a Westpac Choice transaction account.
Read reviews and learn more about Westpac savings accounts
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