Tax Value MethodAugust 7, 2000
Potential GST Avoidance Activity in the Insurance Industry to be StoppedAugust 17, 2000
July Labour Force Survey
Todays 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
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
200001, following strong growth of 2.7 per cent in 19992000, with
the unemployment rate declining to 6 per cent by the June quarter 2001.
Todays data are well on the way to meeting those forecasts.
10 August 2000