Today’s labour force results, released by the Australian Bureau of Statistics, show unemployment has fallen to 5.0 per cent, down from 5.7 per cent under the former Labor government.
In fact, 2018 has seen the largest decrease in unemployment over a calendar year since 1994, demonstrating the danger of adopting a different approach to managing the Australian economy.
Seasonally adjusted employment increased by 21,600 in December 2018, and has increased by 268,600 over the year, to stand at a record high of 12,714,100. Working age (15-64 years) employment is at an equal record high of 74.0 per cent.
Employment has increased in New South Wales, Victoria, Queensland and South Australia over the past year.
Encouragingly, female full-time employment has increased by 90,000 over the year, to stand at a record high of 3,224,900.
Since the Government came to office in September 2013, a total of 1,239,200 jobs have been created, an increase of 10.8 per cent.
Minister for Jobs and Industrial Relations, the Hon Kelly O’Dwyer MP, welcomed the figures but warned of the dangers of taking a different approach to managing the economy.
“There are more Australians in work than ever before. While the Coalition Government’s economic plan is working, there is no room for complacency,” Minister O’Dwyer said.
The International Monetary Fund this week provided a timely reminder of what could be around the corner, warning that ‘global expansion is weakening and at a rate that is somewhat faster than expected’.
“Labor’s higher taxing agenda puts the prosperity of all Australians at risk. Labor's $200 billion of new taxes will hit retirees, homeowners, renters, small business owners, young people and all those aspiring to build a better life for themselves and their families,” Minister O’Dwyer said.
“A country can’t tax its way to prosperity. Economic growth and jobs growth can’t be achieved while punishing aspiration,” Minister O’Dwyer concluded.