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Number of unemployed now at 30-year low LABOUR force figures released by the Australian Bureau of Statistics (ABS) show that Australia's unemployment rate fell to 4.8 per cent in July 2006, its lowest level since August 1976.The July figures once again exceeded all market expectations, with seasonally adjusted employment increasing strongly in July, by 50 700, to a record high of 10,247,500. Importantly, full-time employment increased by 27 100, to its highest level on record of 7,305,300, while part-time employment rose by 23,600 to 2,942,300, also a record high. While some of the job creation in July may have been due to an increase in employment generated by the temporary recruitment of staff by the ABS to conduct the 2006 Census, the additions to employment from the 1996 and 2001 Censuses were estimated by the ABS to have been around 10,000. Accordingly, even without including those who will have been employed on a temporary basis to conduct the 2006 Census, jobs growth in July was still extremely robust. Overall, since the Howard Government came to office in March 1996, over 1.9 million jobs have now been created, more than 1 million of which have been full-time positions. As a result of strong job creation, the level of unemployment fell by 14,100 in July, with 226,200 fewer people now looking for work than when the Government came to office. The seasonally adjusted participation rate increased to 65 per cent in July, its highest level on record, as strong labour market conditions encouraged even more people to enter the labour market. The seasonally adjusted teenage full-time unemployment rate fell to 20.7 per cent in July and remains well below the peak of 34.5 per cent recorded under the previous Labor Government. 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 just 4.4 per cent. While labour force figures can vary from month to month, the outstanding labour market results achieved over the last decade are a clear demonstration of the Howard Government's strong economic credentials. The WorkChoices reforms will continue to deliver the wage growth and employment opportunities for Australian workers that have been a hallmark of the Howard Government's strong economic management. At a time when unemployment is at 30 year lows, there has never been a better opportunity for people to break the shackles of welfare dependency and secure a job. |
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