UNEMPLOYMENT REMAINS AT HISTORIC LOWS
Under the Albanese Labor Government, the unemployment rate has a ‘3’ in front of it, wages growth has a ‘4’ in front of it and more than 624,000 new jobs have been created.
Today’s ABS Labour Force Figures show the unemployment rate remains at historic lows of 3.7 per cent.
The figures show in October:
Employment increased by 55,000 – exceeding all market expectations.
Female employment increased by 37,500.
o Importantly, female full-time employment increased by 26,200 in October, to a record high of 3,867,000, and is now 144,600 (or 3.9 per cent) higher than it was a year ago.
The participation rate increased to 67 per cent, returning to the record high it hit in August this year.
o The female participation rate is at an all-time high of 62.8 per cent.
Since Labor came to office, more than 624,000 jobs have been created – the most by any first term government in recorded history.
We are only halfway through our term, and we’ve already created more jobs than any other first term government on record.
We know a lot of people are doing it tough right now dealing with the cost of living. That’s why we’re doing everything we can to get wages moving.
It’s why the Government passed its Secure Jobs, Better Pay legislation last year – to get wages moving again and improve conditions for workers.
Yesterday’s Wage Price Index shows that wages are moving again – hitting 4 per cent annually, the highest level since 2009.
The data shows wages up 1.3 per cent in the September quarter. This is the highest quarterly growth ever recorded in the 26-year history of the Wage Price Index.
Wages are now moving again after a decade where they were deliberately kept low by the previous government, but there’s more we need to do.
We need to close the loopholes that are undercutting wages, conditions and safety for Australian workers.
That’s why the Government introduced its Closing Loopholes Bill this year, which is currently before the Parliament – to stop workers’ being underpaid.
Peter Dutton and the Coalition spent a decade in government deliberately keeping wages low.
Under them wages growth never had a ‘4’ in front of it. In fact, it never even had a ‘3’ in front of it.
Wages growth under the previous government averaged 2.1 per cent.
Now in Opposition, Peter Dutton and the Coalition still want to keep wages low.
It’s why they said “No” to every measure we’ve taken to get wages moving in this country, and why they’re saying “No” to the Government’s Closing Loopholes legislation.
ENDS