Minister for Employment Senator Eric Abetz today said the 0.1% drop in the seasonally adjusted unemployment rate from 6.2% to 6.1% is welcome and shows the continued optimism in the labour market.
The figures released by the Australian Bureau of Statistics today show that seasonally adjusted employment rose by 37,700 in March (well above market expectations) to stand at a record high of 11,720,300. So far this year nearly 73,000 have been created.
The seasonally adjusted labour force participation rate rose by 0.1 percentage points in March, to 64.8 per cent and the youth unemployment rate fell slightly to 13.7%
“While the figures do bounce around from month to month, these figures are encouraging,” Senator Abetz said.
“The Abbott Coalition Government’s consistent priority has been economic growth with jobs growth, to this end the carbon and mining taxes were scrapped, red and green tape has been cut, and we are starting to see the benefits from this Government working to its plan.
“However, there is still a huge task to create more job opportunities for, in particular, young and mature-aged Australians.
“There are still more than 760,000 of our fellow Australians looking for work who cannot find it. That’s why the Government has invested $5 billion in jobactive to help job seekers to find work.”
“The 2015 Budget will continue our efforts to build a stronger economy. It will be focused on delivering jobs, growth and opportunity. Only with stronger growth can we create jobs and strengthen the economy so we can withstand possible future shocks,” Senator Abetz concluded.
Job advertisements, as measured by the ANZ, also remain strong, rising in nine of the past ten months, to be up 6.6% over the year to March 2015, in seasonally adjusted terms, and up 9.3%, in ANZ's preferred trend terms.