Recent university graduates are more likely to be out of full-time work than ever before and starting salaries for graduates have stagnated, new figures show.

The latest annual survey by Graduate Careers Australia shows that full-time employment rates and the earnings advantage of completing a degree both hit record lows in 2014 for recent graduates.

Thirty-two per cent of university graduates who wanted a full-time job had not found one four months after completing a degree in 2014 - up from 29 per cent last year and topping the previous record set in 1992.

"These figures are really concerning," said Grattan Institute higher education program director Andrew Norton. "They are worse than the 1990s recession but without the recession."