Labour force figures for May released today reinforce the need to continue with the Turnbull Coalition’s strong economic plan focused on jobs and growth.
Today’s ABS Labour Force figures show the unemployment rate has remained steady at 5.7 per cent and there are now more Australians in jobs than ever before with total employment rising to 11,930,700.
The participation rate has remained relatively steady at 64.8 per cent and encouragingly, total female employment has also risen to a record high of 5,530,800.
In the past 12 months the economy has added 224,800 jobs, representing an annual growth rate of 1.9 per cent, above the long term average of 1.7 per cent.
Since being elected to office in September 2013 the Coalition has presided over an economy which has added 463,600 jobs.
Compared with this time last year, the major labour force indicators are trending in the right direction, such as the unemployment rate, youth unemployment, participation rate, the number of Australians employed, or aggregate hours worked.
Despite facing international headwinds, a transitioning economy and fluctuating commodity prices, the major labour force indicators are positive compared with 12 months ago.
Today’s ABS Labour Force figures also show that over the past year the level of jobs growth in the Australian economy remains approximately three times that of the former Gillard-Rudd Labor Government in their last 12 months in office.
The Turnbull Coalition is the only party who has a comprehensive plan to ensure the economy grows and the jobs of the future are created.
The Australian economy is at a sensitive stage in our transition from the mining investment boom to a broader and more diversified economy. While economic growth remains strong and the economy is showing resilience, it is essential that we continue with a plan that will ensure jobs, growth and prosperity.
Whether it is the Coalition’s investment in science and innovation, our commitment to opening up new markets through our historic free trade agreements or our tax cuts to support small businesses and hard working families, our plan is the only one that will secure Australia’s future.
The Labor Party offers no credible alternative to deliver jobs and growth.