Australia’s runaway job market is showing no signs of slowing down, and it is likely that July will see the Australian rate of unemployment reach its lowest level in a generation over the next few weeks.

With the staggering statistic of between 30,000 and 50,000 new jobs being created every month in Australia, an annual increase of 3.5 per cent, the country’s jobless rate has fallen to a generational low of 4.2 per cent. Moreover, if the labour market continues to function as it is, this number could soon decrease even further.

Australia is also currently in the enviable position of avoiding economy-wide inflation due to its decentralised labour market – gone are the days when the success of certain industries resulted in increased pay packages and caused nation-wide inflation whilst other industries struggled.

With the population of Australia having increased by 1.3 million over the last five years, one may wonder how the level of unemployment is getting increasingly low. The answer to this is a combination of increased motivation in the workforce and the continuous influx of skilled migrants into the country.

As far as analysts can tell, there will be no slowdown in the demand for skilled migration to Australia any time soon. The country continues to embrace skilled professionals from abroad, and with the prospect of high wages and new government legislation aimed at improving the lives of skilled migrants, the number of professionals wishing to enter Australia is ever-increasing.