MEDIA RELEASE – JOBS FIGURES PROOF COALITION LEFT ECONOMY IN STRONG POSITION

SENATOR THE HON MICHAELIA CASH

SHADOW MINISTER FOR EMPLOYMENT AND WORKPLACE RELATIONS

DEPUTY LEADER OF THE OPPOSITION IN THE SENATE

SENATOR FOR WESTERN AUSTRALIA

MEDIA RELEASE

16 June 2022

JOBS FIGURES PROOF COALITION LEFT ECONOMY IN STRONG POSITION

Labour force figures released today by the ABS confirm that the former Coalition Government left Australia’s economy in a strong and resilient position.

The unemployment rate has remained steady at 3.9 per cent in May, the equal lowest rate since the inception of the monthly series in February 1978. For the first time ever, more than two out of three Australians aged 15 and over were participating in the labour force

Shadow Minister for Employment, Senator Cash said: “The figures confirm the Coalition Government left the economy in a strong position.”

“Our legacy is record low unemployment, strong GDP growth, historically low interest rates and the largest turn around to the budget bottom line in 70 years,’’ she said.

“Because of our strong fiscal response to the pandemic, we were able to ensure that Australians stayed in work and recovered strongly from the pandemic,” she said.

“The challenge for the Albanese Government will be to keep Australians in work,’’ she said.

“We know that a strong economy starts with having people in jobs and the Labor Government needs to do everything possible to make sure this continues. This will be their big test,’’ she said.

Today’s figures show that seasonally adjusted employment grew in May 2022, by 60,600, to stand at a record high of 13,510,900.

There are now 508,600 more Australians employed than in March 2020 (when Australia recorded its 100th case of COVID-19).

Importantly, full-time employment increased by 69,400 in May and is now at a record high of 4,067,500 Australians in full time employment.

Today’s figures saw participation reach a record high of 66.7 per cent, and the employment to population ratio reach an all-time high of 64.1 per cent, 1.6 percentage points higher than March 2020.

Employment ratio for people between 15 and 64 years old also reached a record high of 77.4 per cent, 3 per cent higher than before the pandemic.

The underemployment rate fell 0.4 percentage points to 5.7 per cent, the lowest rate since August 2008.

The underutilisation rate, which combines the unemployment and underemployment rates, decreased 0.3 percentage points to 9.6 per cent. This was at its lowest level since April 1982.

ENDS.