Latest ABS numbers reveal Australia’s unemployment rate slipped to over a seven year low in December, notching 5% versus 5.1% economists’ expected.

The news has seen the Aussie dollar rally by as much as 0.33% to US$0.7168.

Driven by a surge in part time workers, Australian’s unemployment rate has dipped to its lowest point since June 2011.

Employment has climbed by 21,600 [seasonally adjusted], trumping expectations for a 18,000 lift.

Part-time workers jumped 24,600, offsetting the second straight monthly decline in full-time employees (down 3,000).

Australia’s participation rate also dropped from 65.7% in November to 65.6% in December – i.e. growing 7,500 during the month.

With local employment outpacing workforce size, unemployment declined by 14,100 to 666,700.

On a state basis, QLD, VIC, and NSW notched the largest gains in employment, whilst WA saw the largest decline (dropping 15,300).

Further information is available on the ABS’ website here.

[Australian Bureau of Statistics]