Labour force figures released today by the ABS show that despite the seasonally adjusted unemployment rate rising slightly to 5.8 per cent in June 2016, the fundamentals of the Australian economy remain strong and the economy continues to create jobs.
Seasonally adjusted employment increased by 7,900 in June 2016, to a record high of 11,939,600, and is 225,000 (or 1.9 per cent) above the level recorded a year ago. This remains above the long-term trend growth rate of 1.7 per cent.
Encouragingly, today’s ABS data reveals very strong growth in full time employment, rising by 38,400 to stand at 8,198,900.
The labour force participation rate increased marginally over the month, to stand at 64.9 per cent, indicating there are more Australians actively looking for work.
Minister for Employment, Senator the Hon Michaelia Cash said today’s labour force data demonstrates the resilience of the Australian economy in the face of significant international uncertainty and turbulence, as well as the need to stay the course and deliver a comprehensive economic plan.
“Today’s data shows that since the Coalition came to office in September 2013, there have been 472,500 jobs created in the Australian economy,” Minister Cash said.
“In recent months there have been significant international events which have created turbulence and a level of economic instability, whether in terms of headwinds in China or the uncertainty created around Brexit.”
“Despite this, the Australian economy continues to create jobs and demonstrates encouraging resilience.”
“Total employment has reached a record high, as has the number of total females employed – these are very positive indicators of a strong economy and something all Australians can be proud of.”
“The Government acknowledges that ABS labour force figures can be volatile however today’s data clearly reflects a robust Australian labour market while also highlighting the need to continue with the Coalition’s comprehensive plan to strengthen the economy and stimulate further jobs growth.”
“The Government has been elected on the promise to implement a plan for jobs and growth and that is exactly what we will do.”
“In the years ahead Australia will face economic challenges and it is therefore incumbent on the Government to implement policies to grow our economy and deliver the framework to facilitate the creation of stable, long term jobs. Only the Coalition presented such a plan at the last election and the Australian people have clearly endorsed this approach.”