Graph 2  Unemployment Rate* %  Forecast  %  7  7  6  6  5  5  4  4  3  3  2014  2016  2018  2020  2022  2024  *  Actual data is reported on a monthly basis; forecast is projected for each quarter.
Sources: ABS; RBA  The decline in the unemployment rate has been accompanied by a welcome decline in underemployment, which is at its lowest rate in 13 years. It has also been associated with a rise in labour force participation. This stands in stark contrast to the United States and the United Kingdom, where labour force participation has declined (Graph 3).