Labour force figures released today by the ABS reflect a continued strengthening in the labour market, with the unemployment rate falling to 5.5 per cent and seasonally adjusted employment rising by 19,800 in September, to a record high of 12,290,200.
Employment has increased by 371,500 over the last year - more than four times the jobs growth in Labor’s last year in government, when just 81,300 jobs were created. Current jobs growth of 3.1 per cent over the year is well above the decade average rate of 1.6 per cent.
Of the 371,500 jobs created over the last year, 315,900 were full time. Full time employment now stands at a record high of 8,398,200. The growth in full time jobs in the first nine months of 2017 represents the largest increase in the first nine months of a calendar year on record.
In September, the level of unemployment fell by 11,800, while the labour force participation rate was steady at 65.2 per cent.
The youth unemployment rate fell by 0.1 percentage points, to 12.6 per cent, and remains below the 12.9 per cent recorded a year ago.
Today’s positive figures highlight that more Australians are now in full-time work than ever before.
Since the Government came to office in September 2013, 825,500 jobs have been created – an average of over 200,000 new jobs each year.
While ABS labour force figures can jump around from month to month, this is the twelfth consecutive month where there has been an increase in jobs.
The Turnbull Government is acutely aware that more than 700,000 Australians remain unemployed.
That’s why we are focussed on our plan to secure a stronger economy with more jobs, including lower taxes for small businesses, a record investment in infrastructure, reliable and affordable energy, new export agreements and an ongoing focus on ideas and innovation.
Conversely, Bill Shorten and Labor represent a significant risk to the Australian economy and job creation with his war on small business, higher energy prices, higher taxes and subservience to his union masters.