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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Savings+Bonus
4.50% p.a. (for $1 to $250,000)
1.75% p.a.(for $1 to $250,000)
Yes up to $250,000
Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
CompareCompareSavings+Bonus
Enjoy bonus interest when you deposit $100 or more per month and make no withdrawals. Access your money at any time via internet banking or our mobile app. Maximum balance $250,000 to receive bonus interest.
- Maximum rate
- 4.50% p.a. (for $1 to $250,000)
- standard interest rate
- 1.75% p.a.(for $1 to $250,000)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $5.00
- Maximum rate conditions
- Minimum $100 monthly deposit and no withdrawals to earn bonus interest each month.
- Access
- -
- Minimum balance
- $1.00
- Other restrictions
- Must become a First Option Bank member to open an account.
Read reviews and learn more about First Option 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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Savings Maximiser
5.00% p.a. (for $0 to $100,000)
0.05% p.a.(for $0 and over)
Yes up to $250,000
Deposit $1,000 into a personal ING account, make 5 eligible transactions with a linked Orange Everyday account and grow the balance each month.
Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareSavings Maximiser
Access a great variable rate when you grow your balance each month, in addition to other eligibility criteria. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- Maximum rate
- 5.00% p.a. (for $0 to $100,000)
- standard interest rate
- 0.05% p.a.(for $0 and over)
- Govt Deposit Guarantee
- Yes up to $250,000
- account fee per month
- $0.00
- Maximum rate conditions
- For customers who deposit $1000 from an external source into a personal ING account (excluding Orange One and Living Super), make 5 eligible transactions and grow their nominated Savings Maximiser account each month so there is more in the account at the end of the month than there was at the start of each month (excluding interest). The total bonus interest rate is available on balances up to $100,000 on one Savings Maximiser the next month after meeting eligibility.
- Access
- Phone banking, Internet banking
- Minimum balance
- $0.00
- Other restrictions
- Must be linked to an Orange Everyday transaction account to receive the bonus rate. Where multiple Savings Maximiser Accounts are held, the bonus rate is only applied to one nominated account.
Read reviews and learn more about ING savings accounts
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^See information about the Mozo Experts Choice Savings Account Awards
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