Press Conference, Canberra
AMANDA RISHWORTH, MINISTER FOR EMPLOYMENT AND WORKPLACE RELATIONS: Well, today's Labour Force data is good news for Australians. The latest Labour Force data shows that there are more Australians in jobs than ever before, with an increase in the last month of over 42,000 Australians in work.
This exceeds market expectations and also the number of Australians in work is at a record high.
These jobs figures were driven particularly by an increase in full-time employment, meaning Australians are getting the hours that they need. This has also been coupled by a reduction in underemployment at almost a record low level in three decades.
Of course, this month the unemployment rate fell to 4.3 per cent, remaining at historic lows for this country.
Now, in good news for young Australians, we see employment growth up for young Australians, participation up for young Australians but also unemployment down for young Australians.
This is really good news and shows that many of the efforts we are putting in to support young Australians into jobs is working.
Our labour market remains resilient with 1.2 million jobs created since our Government came to office. That is an increase or a percentage increase of 8.9 per cent. That is better than any of the advanced economies over the same period of time.
What today's figures really show that, under Labor, more Australians are in jobs and we are keeping unemployment at historic record lows - this is very good news for working Australians.
Of course, under Labor Australians are earning more with our efforts in making sure that real wages are increasing. Of course, they're also keeping more of what they earn, whether it's with our tax cuts, whether it's with our student debt relief, our cheaper medicines, our cheaper childcare.
It is only a Labor Government that is focused on the interests of ordinary working Australians, and we will keep delivering for them while we see the Liberal Party and the Coalition continue only focused on themselves.
I’ll take some questions.
JOURNALIST: Minister, recent statistics have shown over the last 12 months, four out of five new jobs are Government, not private sector. Is that sustainable and do you think that may be crowding out or causing a crowding out effect that makes it harder for the budget and other factors?
AMANDA RISHWORTH: Well, in terms of the breakdown of these figures, we will see that data come out in early December.
But what I would say is, in the first half of this year we saw the market part of the economy taking an increasing share of job growth. So that means that the market part of the economy is increasing in its share of job growth, and that's promising.
Obviously, that's the first half of the year. We're still waiting for the data to come out for the second half of the year, but it is promising to see that market share of the jobs growth actually increasing its share in the first half of this year.
JOURNALIST: But as we sit today, is it sustainable?
AMANDA RISHWORTH: Well, when we see the market share increasing that's a good news. That's good news because they are increasing their share of job growth.
So as I said that that's data from the first half of this year, there'll be more data in December. But it does show that the market sector of the economy is creating jobs here in Australia.
JOURNALIST: Just on the whole net zero debate from the Opposition. There are reports that they've dumped it. We've already heard from some of the crossbench MP’s saying that the coalition's now unelectable.
What do you think it says about the alternative party of government to take such a stance?
AMANDA RISHWORTH: Well, I would say that the Liberal Party today has decided to take Australia backwards. What the Liberal Party has chosen today is to walk away from Australian jobs and investment certainty for business.
What the Liberal Party has done today is create chaos when it comes to climate in Australia. But our Government will not be deterred. We are getting on with the job with investing in cheaper renewable energy backed up by gas.
We have an energy plan. They just have division and chaos.
JOURNALIST: And just another on unemployment figures, this might be me not really understanding things but considering that we've seen such a high level of employment across Australia, and we're also talking about a lot of highly skilled workforce shortages, how does that kind of play into each other, and are we able to actually fulfil the skill shortages that we have?
AMANDA RISHWORTH: This historically low unemployment rate means that there are more Australians in jobs, and of course, the employment growth also indicates there are more Australians in jobs.
One of the challenges always remains is, how do we make sure that we have the right people skilled for the right jobs?
And that's why our Government's been very focused in how we support people if they choose a university, a pathway, or indeed a TAFE or vocational education pathway, because that is critical in how we skill up our workforce to get more jobs.
So, not only is it about creating jobs, but it's preparing Australians for those jobs. Our investment in TAFE, vocational education has been critically important, as has our investments in our universities.
All of these are really important pathways for young Australians, and we will continue to focus on that. But this is good news for Australians with such low unemployment because it means that people that want a job can get one.
JOURNALIST: You said the Liberals were causing chaos by walking away from net zero. What's the impact on the economy and the business sector, in your view?
AMANDA RISHWORTH: With the Liberal Party walking away, they're walking away from a bipartisan position, and what they have done is creating uncertainty in business investment and that means uncertainty when it comes to jobs growth.
In terms of the impact, that's a matter for them, and they have to answer those questions. But what I'll be clear about is we have an energy policy that is about investing in cheaper renewable energy backed up by gas, and we will keep focused on that while they just have an absolute chaos and are, quite frankly, in disarray.
JOURNALIST: Minister, economists like EY’s Cherelle Murphy have said today a tight labour market will mean higher prices for goods and services.
How worried are you about those higher labour costs adding to inflation and productivity growth?
AMANDA RISHWORTH: Having a job is really important, and so creating jobs and making sure people have the opportunity for work is really important.
And that's why I'm really pleased with the outcome today of more than 42,000 people in jobs, extra people in jobs, this month.
In terms of the impact it will have on, say, interest rates, that is a matter for the RBA. But what I would say is that there hasn't been any evidence of a wage price spiral, and so I would say that jobs for Australians is good news.
Obviously, the RBA takes a range of factors into consideration, but I think more Australians in work, in full-time work, is good news for this country.
JOURNALIST: Minister, you’ve welcomed the biggest share of jobs coming from the market sector. Does that mean that for the foreseeable future, the Government won't be looking to increase the share of non-market jobs?
AMANDA RISHWORTH: What I've indicated is a reflection on the first six months of this year, which is the most- closest data we have.
What I would say though, in relation to market versus non-market - obviously jobs are really important, but what I feel is encouraging is that the market share in the first six months of the year was increasing.
Now, I think that is good. Of course, we'll continue to monitor jobs growth. But jobs for Australians is good news right across the board.
ENDS