Australia's national unemployment rate (%)

I've highlighted four different moments, in the last two decades, when the unemployment rate was 5.5 per cent. Notice how the "participation rate" was different each time?

Chart: Gareth Hutchens Source: Australian Bureau of Statistics, 6202.0 Labour Force, Australia, September 2021, Table 1: Labour force status by Sex, Australia - Trend, Seasonally adjusted and Original Get the data