Working nation
Employment jumped 77,400 in February, driven by a huge 121,900 increase in full-time employment.
January's figures were also revised up significantly, taking total employment to a fresh high of 13.372 million.
Full-time employment is now over 9¼ million, by far the highest ever figure.
New South Wales has added 83,000 to total employment over the past quarter, taking full-time employment in the state to a record high of 4.22 million, with an unemployment rate of just 3.7 per cent.
Expect to see a booming rentals market in Sydney this year.
The participation rate rose to an all-time high of 66.4 per cent.
Despite this the unemployment rate fell to 4.04 per cent.
A headline unemployment rate of 4 per cent is the equal lowest level in the 47 years since 1974.
Hours worked rebounded in February, but still remain below previous highs - about the only weak point in the release.
The wrap
The data reference period relates to before the recent floods, so hours worked will almost certainly decline in March.
Still a super-strong set of employment figures, and with all and sundry calling for interest rates to be hiked expect to see a chronic shortage of rental properties this year.
Bookmark this one: I expect rental price growth to accelerate to 20 per cent year-on-year.
