|
Big fall in jobless THE latest data from the ABS shows positive trends in both long-term unemployment and average weekly earnings.Despite the data showing a rise in seasonally adjusted long-term unemployment in July, the trend long-term unemployment data has now fallen for 18 consecutive months and currently stands at just 71 400, its lowest level since the inception of the current data series in April 1986. "Long-term unemployment has more than halved (down by 120 500 or 60.9 per cent) since the Howard Government came to office and remains 76.6 per cent lower than Labor's peak of 329 800 recorded in May 1993," the Minister for Employment and Workplace Relations, Joe Hockey, said. "Significantly, long-term unemployment now comprises just 0.7 per cent of the entire labour force. "Very long-term unemployment (those unemployed for two years or more) continued to decline, by 400 in seasonally adjusted terms in July, to stand at 35 800 - its equal lowest level since April 1986. "Importantly, very long-term unemployment has now fallen by 18 400 (or 34.0 per cent) since the introduction of the government's workplace relations reforms in March 2006. "Female very long-term unemployment also declined, by 400 over the month, to stand at just 15 500 in July, its lowest level since November 1990. "While long-term unemployment statistics can vary from month-to-month, forward indicators of labour market activity point to continued strong employment growth over the course of 2007, which augurs well for even further reductions in long-term unemployment in the period ahead." The ABS Average Weekly Earnings data show that real wages for men have grown by 3.1 per cent in the year to May 2007 and 1.6 per cent for women. "In fact under the Coalition real wages for men have grown by 24.0 per cent compared with a slightly higher increase of 24.3 per cent in real wages for women," Minister Hockey said. "This data follows the release of the ABS Wage Price Index yesterday which showed that overall wages growth in the economy is strong but contained. The Wage Price Index increased by 1.1 per cent in the quarter and is growing at 4.0 per cent per annum. "The positive trends in wages growth, unemployment and long-term unemployment reflect the Howard Government's strong economic management and its rock solid commitment to creating the right conditions so that even the most disadvantaged Australians can reap the benefits of our labour market prosperity." |
About Us | Our Publications | Shopping | Visa Enquiries | Information Days | Links | Advertising | Privacy Policy
© 2005 Consyl Publishing & Publicity Ltd.