Australian Unemployment Rate Plummets to 48-year Low in June

A member of the cleaning staff wipes down a table in the State Library of New South Wales in Sydney, Australia, on June 1, 2020. Lisa Maree Williams/Getty Images

Australian jobless rate tumbled to 3.5 percent in June, hitting the lowest level in 48 years as the job market continues to tighten.

The change in the unemployment figure, which stood at 3.9 percent in May, well surpassed economists’ expectations, with Deutsche Bank economist Phil O'Donaghoe saying it was one of the best labour market reports in Australia’s history.