Page 4 - 2016 Election: Mid-Campaign Report

Strong Jobs Growth Budget Repair

On 19 May, new Labour Force figures On 20 May, the Pre-election
confirmed strong jobs growth. Economic and Fiscal Outlook (PEFO)
was released by the Departments
In April 2016, the unemployment rate of Treasury and Finance, confirming
was at 5.7% – down from 6.2% in the economic forecasts made in the
April 2015. recent Budget.

Jobs growth over the past 12 months It forecasts a steady path to
was almost three times the level of Budget repair under Coalition
growth in Labor’s last 12 months in policies from a $37.1 billion deficit
office. in 2016-17, to a $5.9 billion deficit in
2019-20 and surplus the year after.
Around 300,000 new jobs were
created last year – the strongest
growth in employment since 2007.

There is more work to do

PEFO’s pre-election forecasts confirm there is more work to do to
continue the successful transition of our economy, noting:

“There remain... significant domestic and
global downside risks that will need to be
carefully managed...

The Australian economy is transitioning
from a mining investment boom to
broader-based drivers of growth.”

That’s why the Coalition is directing every lever of policy to secure our
nation’s prosperity and economic security for our future.

4 Mid-campaign Report