In line with recent trends, the outlook for university graduates continues to strengthen as the economy recovers from the Global Financial Crisis.
The jobless rate for graduates dropped slightly to 3.1 per cent in May 2017, while the jobless rate for people without a post-school qualification was static at 8.2 per cent.
Universities Australia Chief Executive Belinda Robinson said while no-one was ever guaranteed employment, the data showed that having a degree significantly enhanced people’s chances.
“These figures put paid to claims that dispute the value of a university qualification,” she said.
“It continues to be the case that graduates are less likely to be unemployed and will have higher lifetime earnings on average.”
In May, 39.4 per cent of 25-to-34 year olds had a degree – up from 37.1 per cent in 2016.
In this age bracket, 45.1 per cent of women and 33.6 per cent of men had a bachelor’s degree or higher.
And those who live in our major cities remain twice as likely as people living in regional and remote areas to have a degree.
In May 2017, 44.6 per cent of people living in major cities had a university degree, compared to around 20.6 per cent of regional residents and 22.9 per cent of people living in remote areas.
“This highlights the crucial role played by regional campuses, universities and online study options to ensure opportunity is available across the breadth of Australian communities,” Ms Robinson said.
The latest data found 80 per cent of people with a bachelor degree or above had a job, as did 75 per cent of people with either an advanced diploma or diploma or a Certificate III or IV.
This compares to an employment rate of 67 per cent for people with no post-school education.