Joint media release: Job creation hits nearly one million under Albanese Labor Government

Despite the unemployment rate ticking up slightly to 4.2 per cent last month, an extra 58,200 new jobs were created across our economy.

A total of 989,200 jobs have now been created since the Albanese Labor Government came to office, which is more jobs in a single parliamentary term than any Government in history.

Today’s ABS Labour Force figures show that more Australians are working, earning more and keeping more of what they earn.

Nearly 625,000 full-time jobs have been created since the Albanese Government came to office, more than 63 percent of all jobs growth in that period.

The participation rate reached a record high of 67.1 per cent last month, while the gender pay gap has fallen to its lowest level on record, down to 11.5 per cent in its fourth consecutive drop.

Today’s data shows that the average full-time worker is now earning $159 extra per week since the Government was elected.

The average full-time worker is also receiving a tax cut of $44 per week because of the Government’s cost of living tax cuts.

We’ve been upfront that we expect the labour market to soften. We see that in a host of data points, like today’s modest rise in the unemployment rate, falling jobs ads and lower average hours worked in recent months.

We know people are under pressure which is why we’re delivering responsible and meaningful cost of living relief to make things a bit easier.

Today’s Labour Force data shows full-time employment rose by 60,500 in July, to stand at a record high of 10,010,600, which is 210,700 (2.1 per cent) higher than it was a year ago.

The seasonally adjusted number of hours worked has also increased, up by 7.5 million hours (0.4 per cent), while the underemployment rate declined from 6.4 per cent in June, to 6.3 per cent in July 2024.

Under the previous Coalition government, the unemployment rate averaged 5.6 per cent.

Today’s results follow the release of new wages data on Tuesday, which showed that for the first time in 15 years, wages growth has hit ‘four for four’, with annual nominal wages growing by at least 4 per cent for four consecutive quarters.

We know that many Australians are under pressure, which is why the Albanese Government is creating more jobs, lifting wages and helping Australians keep more of what they earn.

This is in stark contrast to Peter Dutton and his Coalition who want Australians to work longer for less. 

They have opposed Labor’s cost of living measures, and have promised to repeal laws that are delivering better pay for more Australians.

Strong and sustainable jobs growth is a win for workers, a win for productivity and a win for the economy.