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Sky News Business Editor Ross Greenwood has assessed the latest unemployment figures in Australia.

The nation's unemployment rate dropped from 4.9 to 4.6 per cent for the month of July.

While in New South Wales, the unemployment rate dropped from 5.1 to 4.5 per cent.

Mr Greenwood said although people aren't losing their jobs right now, per se, what they are doing "is going on leave, they’re basically taking if you like, flexitime".

"They're doing these types of things to try and hang on to their job, but they're not actually working the hours."