Press Conference, Adelaide

AMANDA RISHWORTH, MINISTER FOR EMPLOYMENT AND WORKPLACE RELATIONS: The latest labour force data released today that shows despite an increase in the unemployment, our labour market remains incredibly resilient. 

The number of Australians in work in the last month increased by 14,900, which is a record high. There is 14.64 million Australians in work, and that is a record high. The number of Australians in work has increased by 1.3 per cent this month, compared to the same time a year ago. 

Now, despite the increase in the unemployment rate, the unemployment rate still remains much lower than the relative comparison period before the COVID pandemic. Encouragingly, there was in the last month an increase in the participation rate, with an increase in the participation rate up 0.1 per cent to 67 per cent. 

That means that there is a significant number of Australians either in work or looking for work. I would note that there has been 12 times since records have been kept where the labour participation rate has been 67 per cent or above, and that has been always under this government. 

It's also very encouraging to see women's workforce participation remain strong. Women's workforce participation is at 63.3 per cent, which is close to a record high. It demonstrates our government's commitment to gender equality, particularly in closing the gender gap in employment.

Now, our labour market does remain resilient despite significant global headwinds. I would like to note that since our government was elected, we have seen 1.1 million jobs created, and this is better in terms of the rate of jobs and job figures than any other advanced economy. 

So while there has been an increase in the unemployment rate, I would note that this demonstrates that our expectations are broadly in line with official forecasts and importantly 14,900 jobs were added in the last month to the Australian economy. So I'll go to questions.

JOURNALIST: Thank you. I understand this is the highest seasonally adjusted unemployment rate recorded since November 2021. What is driving that rise in unemployment?

AMANDA RISHWORTH: Well, first I would say that a more appropriate comparison figure is the pre-COVID number. And the pre-COVID number was 5.2 per cent. So we, if you compare our unemployment rate, it is much, much lower than the pre-COVID number. 

Of course, what we also know is that there was a significant rebound as we came out of COVID when it comes to job creation. But we are still seeing job creation in this country. Under our Government, more than 1.1 million jobs. And as I said, in the last month alone, 14,900 extra jobs added to the Australian economy. 

So it is always expected as we came out of the post-COVID rebound that we would see a softening in the labour market. But when we consider all the factors at play, including the really significant global uncertainty, these are really important figures and show that we are still seeing jobs created here in Australia, and we see a record number of jobs here in Australia.

JOURNALIST: The youth unemployment rate is the highest it's been since September 2021 at 10.2 per cent. What's the Government doing to try and bring this down, and why aren't there youth-specific unemployment measures in place already?

AMANDA RISHWORTH: I would say that we saw 9700 extra jobs in the last month being created for young people. So we do know the youth unemployment figure does jump around, but there were more jobs created for young people in the last month, and so I think that is really important. 

In terms of, though, the investments that we have for young people, they are significant. If you look at the number of young people choosing to take up, for example, free TAFE, it is very significant.

 Just this week, I was speaking with young people that have taken up the opportunity of free TAFE to change their career, to reskill, to get new skills. And I have to say, people were very encouraged by that. So, I don’t accept that we haven't really been investing in opportunities for young people. 

We have seen an extra 9,700 jobs been created for young people. And I would say we now have a record high of young people in work at 2.6 million young people in work. And that's up by 1.5 per cent compared to the same time this year. So, we continue to see jobs growth for young people and we will, as a Government, continue to work to prepare them for those jobs into the future.

JOURNALIST: And given the jump in the jobless rates, which is now higher than where the RBA expects it to be, what's this say about the state of the economy and what's your Government going to do about it?

AMANDA RISHWORTH: Considering the global uncertainty, I would say, firstly, that the figures today demonstrate that we have a resilient labour market. And we have seen jobs growth better than any other major advanced economies. 

So, I say that the Australian economy is weathering the global uncertainty remarkably well.

But also note that we have seen real wages going up which is good for workers, showing that they get fair wages. And we also are seeing inflation low. These are important factors and they are a result of the hard work Australians have been doing. 

We've also, of course, seen interest rate reductions by the RBA and that, of course, supports those homeowners that have mortgages. So, we will continue to work to ensure that we are able to make sure that we continue to see historically low unemployment, inflation of course in the RBA's target band, and importantly, seeing real wages increase.

JOURNALIST: Can you give us examples of what you're going to do?

AMANDA RISHWORTH: Well look, if we look at real wages, just as one example, we have been making sure that Australians are seeing real wages growth. We have put, as just one example, laws in place that encourage enterprise bargaining. 

Now, enterprise bargaining is good for employers and is good for employees. Because it allows the workplace to get the right conditions that work for the workplace, but also is delivering real wages growth, and I released some data out more recently. So, right across the economy, our changes are working. 

Of course, there is a focus from how we also improve productivity in this country. And so our Government has been focused on how we do this and ensuring that we've got the right settings in place.

JOURNALIST: Given that jobless rate, would you say that the state of the economy has weakened?

AMANDA RISHWORTH: I would say that the numbers today are broadly in line with official forecasts. What we have, of course, seen is that numbers do jump up and down from month to month. But what I would say, we have now, in the last month, added an extra 14,900 jobs. 

They are extra jobs and we are now sitting at a record high number of jobs here in Australia. So, I would say that is good news and demonstrates that, despite global uncertainty and global headwinds, we have a resilient labour market where we are delivering more jobs for the Australian people.

JOURNALIST: Would you say that this current state of the economy is good news for home borrowers?

AMANDA RISHWORTH: Look, of course, the RBA will make its decision about where it sets interest rates. We've already seen three interest rate cuts in this part of the cycle. Of course, I will let the RBA look at- it’ll make its own decision. 

Of course, our Government, though, is very much focused on how we best support people across the board when it comes to housing, whether that is in affordable rental housing, or whether that’s in homeowners. 

And just from 1 October, we had our five per cent deposit scheme open to ensure that homeownership was in the reach of many, more people.

JOURNALIST: I've just got a question on another matter.

AMANDA RISHWORTH: Yes.

JOURNALIST: It's just to do with what's your reaction to the death of an ADF soldier within Townsville?

AMANDA RISHWORTH: Look, the news of the death of a soldier in Townsville is obviously deeply saddening and deeply upsetting. My thoughts are, of course, with the individual's family, friends, of course colleagues and the whole Townsville community. 

Obviously it is incredibly distressing and very upsetting. And you know, from the Government's perspective and, I think, broader Australia's perspective we are wrapping our arms around the Townsville community.

ENDS