Graph 2  Labour Market Underutilisation* Monthly change since the beginning of labour market downturn ppt ppt Previous downturns 6  6  3  3  0  0 COVID-19 pandemic  -3  -6  -3  0 *  6  12  18  24 Months  30  36  42  -6 48  The underutilisation rate is the sum of the unemployment and underemployment rates; labour market downturn is defined as the trough in the underutilisation rate.
Sources: ABS; RBA. The share of the Australian population in employment has never been higher. The number of Australians in a job has increased by over 1.1 million since late 2021 and the level of employment is now almost 8 per cent above its pre-pandemic level.