Acting Prime Minister, Senator Chris Evans, today welcomed the creation of 29,700 jobs as Australia’s workforce grew to a record high of more than 11.3 million workers.
Today’s Australian labour force figures, released by the Australian Bureau of Statistics, show the participation rate has climbed to an all-time high of 65.9 per cent, up 0.3 percentage points.
The strong increase in the participation rate underpins the 0.2 percentage point increase in the unemployment rate, which rose to 5.4 per cent in October.
“Our workforce has hit a record high of more than 11.3 million workers,” Senator Evans said.
“This is another very strong result and we welcome the fact that more Australians are in work and looking for work.
“While the unemployment rate has increased in October, this reflects the fact we have record numbers of Australians joining the workforce, with the participation rate reaching its highest level on record.
“Since we were elected in November 2007, the economy has created 650,000 jobs, including 375,000 during the past year, and this is further testament to Labor’s strong economic management.“Almost three quarters of the jobs created in the past year have been full-time jobs.
“Australia’s unemployment rate remains dramatically lower than most other developed economies, and is around half that of major economies such as the United States and Europe where the jobless rate is around 10 per cent.”
The Government remains confident that Australia’s unemployment rate will continue to decline in line with its forecasts, which were outlined in the mid-year economic and fiscal outlook.
“The Gillard Government has a positive economic agenda to build capacity so we can have sustainable growth and continued job creation well into the future,” Senator Evans said.
“We are making critical investments in skills and education to ensure Australians get the skills they need for the jobs of tomorrow.”