Labour force figures released today by the ABS show the number of jobs in Australia has increased for the 13th straight month – the longest consecutive run of jobs growth since 1994.
In October, the unemployment rate dropped to 5.4 per cent.
There are now 355,700 more Australians in work than a year ago – more than 80% of these new jobs are full time jobs. Full time employment has grown by 297,700 in the past 12 months (and by 24,300 in October).
Our economy is creating, on average, around 1,000 new jobs a day.
Jobs growth over the last 12 months is more than four times stronger than Labor’s last year in government.
Total employment stands at a record high of 12,297,100. Since the Coalition was elected to office in September 2013, 831,100 jobs have been created – an average of over 200,000 new jobs each year.
The latest growth in total full time employment, total male employment and total female employment represent the largest increase in these measurements over the first 10 months of a calendar year on record.
The current rate of jobs growth remains high at 3.0 per cent over the year and is well above the decade average rate of 1.6 per cent.
Unemployment fell by 8,100 and aggregate monthly hours worked in all jobs rose by 4.6 million hours over the month, to a record high of 1,723.7 million hours.
Minister for Employment, Senator the Hon Michaelia Cash, welcomed today’s positive figures, highlighting that more Australians are now in full-time work than ever before.
“Today’s statistics highlight that the Turnbull Government’s economic plan is working and is delivering a stronger economy, by backing small businesses, making record investments in infrastructure and ensuring reliable and affordable electricity,” Minister Cash said.