The trend unemployment rate was 5.4% in the month of July 2018, according to latest figures released by the Australian Bureau of Statistics (ABS) today.

"Over the year to July, the unemployment rate declined by 0.2 percentage points. This continues the gradual decrease in the trend unemployment rate from late 2014 and is the lowest it has been since 2012," said the Chief Economist for the ABS, Bruce Hockman.

Trend employment increased by around 27,000 persons in July 2018 with full-time employment increasing by over 18,000 persons.

The trend participation rate remained steady at 65.5 per cent in July 2018, after the June figure was revised down.

Over the past year, trend employment increased by around 300,000 persons or 2.4 per cent, which was above the average year-on-year growth over the past 20 years (2.0 per cent).

The trend monthly hours worked increased by 0.2 per cent in July 2018 and by 1.9 per cent over the past year.