Release type: Media Release

Date:

Australia remains well placed in a fragile global economy

Ministers:

Senator the Hon Chris Evans
Minister for Tertiary Education, Skills, Jobs and Workplace Relations

Australia remans well placed to deal with global instability with an unemployment rate that remains low and an economy with solid fundamentals.

Minister for Skills and Jobs, Senator Chris Evans said, despite a small rise in the unemployment rate to 5.3 per cent for August, the jobless rate remains low by historical and international standards.

“Overall, our unemployment rate remains low by any yard stick,” Senator Evans said.

“Today’s figures reflect the patchwork nature of the economy with different states recording very different employment results.”

“They also come at a time of emerging global economic uncertainty and financial market volatility.”

Labour Force figures released by the Australian Bureau of Statistics show the participation rate remains unchanged at 65.6 per cent.

“Despite the slight fall in employment this month, it is important to note that there are still 140,300 more people employed today than at the same time last year,” Senator Evans said.

“Since 2007 our economy has created nearly three-quarters of a million jobs, a record only possible because Australia avoided recession during the most dramatic global recession since the Great Depression.”

“With strong growth, an unprecedented pipeline of investment and low unemployment, Australia’s economy is very well placed.”

“Our unemployment rate remains the envy of the industrialised world and there is simply no comparison between the employment market in Australian and those of our peers abroad.”