Today’s October 2011 labour force figures show that the Australian economy is experiencing ongoing resilience in the face of heightened global uncertainty, with 10,100 jobs created in the month of October.
The unemployment rate in October fell marginally to 5.2 per cent, down from a revised 5.3 per cent in September.
Minister for Jobs, Senator Chris Evans said the Government welcomed the result. More Australians are now in work than in any other time in history and that means more Australians are coming home with a paycheck than ever before.
“The most pleasing aspect of today’s results is that full-time employment grew by 20,000. Over the last 12 months, full-time employment has accounted for 90 per cent of jobs growth. This is ensuring greater security for hard-working Australian families,” Senator Evans said.
“Since Labor came into office, the economy has added around three quarters of a million jobs - an achievement all Australians can be proud of at a time of high unemployment in other developed economies.
“Of course the Australian economy is not immune from the crisis in Europe, heightened global volatility and weakened global growth. Employment growth has slowed in 2011 reflecting this weakness and uncertainty around the world, which have added to the existing patchwork pressures affecting some parts of the economy.
“Despite these pressures, the economy has continued to create jobs and this is a testament to Labor’s commitment to strong and disciplined economic management.
“We are working to ensure all Australians, including those that face significant disadvantage, have an opportunity to get a job.”
At 5.2 per cent, Australia’s unemployment rate remains one of the lowest in the developed world – and is almost half of what we’re seeing the US and Europe.
Further, Australia’s participation rate continues to remain at very high levels, standing at 65.6 per cent.
“Unemployment under labour has remained low under Labor despite the fact that the world faced the worst global economic downturn since the Great Depression.” Senator Evans said.
The recent announcement by the RBA to lower interest rates by 0.25 per cent will provide greater support for consumers and businesses, stimulating growth and creating jobs.
“This will provide welcome comfort for millions of hard working Australians and will help industry to create more jobs over the coming months,” Senator Evans said.