NO.082

Today’s jobs figures are good news for Australians.

The benefits of sustained, strong economic growth and low inflation have been reflected

in continuing strong employment growth. In July, employment (seasonally adjusted) rose by

almost 76 000, with total employment over 328 000 or 3.7 per cent

above levels recorded a year ago.

Almost 810 000 new jobs have been created since the Government came to Office in

March 1996.

The monthly seasonally adjusted data continue to exhibit considerable volatility. A

clearer impression of the ongoing strength in the labour market is likely to be reflected

in trend employment, which rose by a very solid 24 000 in July.

The unemployment rate (seasonally adjusted) fell to 6.3 per cent in July

– its lowest level since April 1990. In trend terms, the unemployment rate

fell to 6.5 per cent from 6.6 per cent in June. The number of unemployed

(seasonally adjusted) fell by over 33 000 to around 610 000 in July, and has

fallen by almost 50 000 over the past year.

The teenage unemployment rate (seasonally adjusted) was 21.0 per cent in

July, below its level of 21.7 per cent recorded a year ago, and well below the

level of teenage unemployment inherited by the Government in March 1996

(27.2 per cent). In trend terms, the teenage unemployment rate was at its lowest

level since September 1990.

The ongoing trend of rising participation in the workforce and falling unemployment

indicates that an increasing number of Australians are joining the ranks of the employed

and sharing in the benefits that a strong economy provides. Increasingly, these

opportunities are being shared by teenagers and the long-term unemployed.

The outlook for the labour market remains very positive, with high levels of job

advertisements and skilled vacancies.

In the Budget, the Government forecast employment growth of 2 per cent in

2000–01, following strong growth of 2.7 per cent in 1999–2000, with

the unemployment rate declining to 6 per cent by the June quarter 2001.

Today’s data are well on the way to meeting those forecasts.

MELBOURNE

10 August 2000