Unemployment drops below 5 per cent for the first time in eight years

The unemployment rate has fallen to its lowest level in almost eight years, although its move below 5 per cent was largely driven by fewer people looking for work. 

In seasonally adjusted terms, the unemployment rate came in at 4.9 per cent, its lowest level since June 2011. 

ABC's Peter Ryan says the rate of job creation slowed with 4,600 new jobs over the month, a marked step down from the 39,100 jobs in January.