Consyl Publishing & Publicity Ltd

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JOBLESS AT 30-YEAR LOW

AUSTRALIA'S unemployment rate has fallen to its lowest level since 1976.
The latest labour force figures from the Australian Bureau of Statistics show that while seasonally adjusted employment fell by 32,100 over the month of October, the decline was not unexpected, given the exceptionally strong consecutive monthly increases totalling 253,700 over the previous eight months.
In trend terms, which provide a better indication of underlying labour market conditions, employment increased by 15,200 over the month to reach a record high of 10,287,400 in October.
Since the current government came to office in March 1996, well over 1.9 million jobs have been created.
The number of people looking for work declined by 16,200 over the month and is now 243,000 (or 32.8 per cent) below the figure of 740,100 recorded in March 1996.
While the seasonally adjusted participation rate declined to 64.7 per cent in October, in trend terms, it increased to 65.0 per cent over the month and is now at a record high.
The teenage full-time unemployment to population ratio (which refers to the proportion of the total teenage population unemployed and looking for full-time work) declined to 4.0 per cent over the month and is now at its lowest level since the inception of the monthly Labour Force Survey in February 1978.
While labour force figures can vary from month to month, the underlying strength and resilience of the labour market remains intact, with the robust employment growth achieved over the past year highlighting the Howard Government's strong macroeconomic management.
Despite its outstanding labour market achievements, this Government will not rest on its laurels and is determined to do even more to create jobs for all those who want to work.
Important initiatives, including the WorkChoices reforms and the Welfare to Work legislation, reflect the Government's key focus on strengthening Australia's economy, in order to facilitate the strong and sustained employment growth that is necessary to achieve further reductions in unemployment.