Today’s labour force figures highlight the underlying strength and resilience of the Australian economy in the face of heightened global instability.
Minister for Skills and Jobs, Senator Chris Evans said the Government welcomes the fall in the unemployment rate to 5.2 per cent and the 20,400 jobs that were created in September, which was double market expectations.
“What is most pleasing about these results is that we saw an encouraging increase in full-time employment in the month, rising by 10,800 workers, with part-time employment increasing by 9,600 to a record high.”
The Australian Bureau of Statistics’ labour force figures also show the participation rate remains at near historically high levels at 65.6 per cent.
Today’s result builds on our exceptional jobs record, with the Australian economy creating around 750,000 jobs since Labor came to office in 2007, and an extra 120,400 jobs in the past year alone.
This stands in stark contrast to stubbornly high rates of unemployment seen in many advanced economies, with Australia’s unemployment rate remaining at around half the rates seen in the US and Europe.
“Australia’s employment growth comes at a time of global economic instability and financial market volatility.” Senator Evans said.
“We know that that this global uncertainty is making it harder for some sectors in our patchwork economy which are under pressure from the high dollar and cautious consumer.
“But we can’t lose sight of the fact that our fundamental economic strength makes us better placed than almost every other advanced economy to deal with the global instability.
“We have a growing economy, low unemployment, strong trade linkages to rapidly growing Asian economies, a strong pipeline of business investment, a healthy financial system and very low government debt.