How many older people are working or looking for work?
In 2014, the labour force participation rate of people aged 55 and over (people working or looking
for work as a proportion of this population) in Australia was 35%, while 3.7% were unemployed.
By contrast, the participation rate for those aged 15–54 was 79%, while unemployment was
6.4% in 2014. The participation rate for 55 and over increased steadily from 23% in 1984, and the
unemployment rate also fell overall from 5.1% in 1984, though with a peak of 9.8% in 1993 (ABS 2015).
Over the period, the participation rate increased steadily for both 55–64 year olds (from 41% to 64%) and
people 65 and over (from 5% to 12%). Unemployment fell for 55–64 year olds (5.6% to 4.1%)—though
with a peak in 1993 (11.0%)—but remained fairly steady for 65 and overs (1.5% to 2.2%)—see
Figure 5.9.1 (ABS 2015).