Labour force figures released today by the ABS reflect the resilience of the Australian economy with employers still hiring and employees engaging in the workforce at record levels.
The unemployment rate has fallen to 5.7 per cent, driven by a rise in total employment of 26,200, well above market expectations and reaching a record high of 11,968,600.
Over the past year the Australian economy has generated 219,800 additional jobs, representing an increase of 1.9 per cent and above the long term average of 1.7 per cent.
The Minister for Employment, Senator the Hon Michaelia Cash, said that the re-balancing of growth, away from the mining industry and towards the labour intensive services sector was set to continue, highlighting the success of the Government’s economic credentials and its commitment to creating more jobs for all Australians, despite the headwinds from slower global growth and the greatest terms of trade shock in our history.
“Today’s figures are a positive reflection of the resilience of the Australian economy and clearly show that the economy is transitioning very well,” Minister Cash said.
“Employers are still hiring and Australians are engaging in the workforce at record levels.”
“Since the Government came to office in September 2013, we have created more than half a million (500,900) jobs, an increase of 4.4 per cent.”
“There is much work to be done and the Coalition Government will not rest on its laurels. We are getting on with the job of implementing our comprehensive economic plan for jobs and growth – a policy put to the Australian people and endorsed at the last election.”
The Turnbull Government’s policy framework will facilitate stronger jobs growth, so all Australians can take advantage of the emerging job opportunities of tomorrow. Key Budget initiatives to achieve this include:
- The Government’s 10 year Enterprise Tax Plan, which will support growth, higher wages and jobs by lowering the tax rate for companies over time to an internationally competitive level;
- The $840 million Youth Employment Package to help up to 120,000 vulnerable young people take advantage of job opportunities as the economy diversifies and transitions to broader-based growth;
- A $1.1 billion National Innovation and Science Agenda, which will put Australia on the right track to becoming a leading innovator;
- A record $50 billion in infrastructure investment to 2019-20, for roads, rail, airports and dams;
- The 20 year defence industry plan that will drive new high-tech employment, including 3,600 direct jobs as part of the Government’s shipbuilding plan; and
- A $7.5 billion investment in jobactive, which offers a new mix of incentives and services for job seekers, as well as better support for employers.