Unemployment falls and thousands more jobs created

New figures today show unemployment is down again, 1.2 million jobs have now been created under the Albanese Government, and in the past month alone 55,000 new full-time jobs have been created.

The Labour Force data from the Australian Bureau of Statistics shows more Australians are in work than ever before, while the unemployment rate fell to 4.3 per cent last month.

Employment increased strongly in October by 42,200 to a record high of 14,683,200.  

The rise in employment over the month was driven by full-time jobs. Full-time employment increased by 55,000 in October, lifting the total number of full-time workers to a record high of 10,141,600. 

In line with the strong increase in full-time employment, the underemployment rate fell to 5.7 per cent in October. This is the equal lowest rate in more than three decades. 

The labour force participation rate was steady over the month, at 67.0 per cent, remaining close to its record high. 

This month’s result was also encouraging for young people in the labour market, with employment for 15-24 year olds rising by 20,500 in October.  

Quotes attributable to Minister for Employment and Workplace Relations Amanda Rishworth: 

“More jobs and higher wages are one of the best ways we can support Australians. 

“Since our Government came into office we have created 1.2 million jobs. Employment has increased by 8.9 per cent over this period - a higher rate than any other major advanced economy over the same period. 

“More Australians are in work than ever before, and they are earning more and keeping more of what they earn.  

“Only Labor is focussed on delivering for Australians, while the Coalition is focussed on themselves.” 

Quotes attributable to Treasurer Jim Chalmers:

“Unemployment is down again, 1.2 million jobs have now been created on our watch, and in the past month alone we saw 55,000 new full time jobs.

“Under this Labor Government more people are working, earning more and keeping more and retiring with more as well.

“This is a very positive result that shows the progress we’ve made together on the economy despite difficult global circumstances.

"We're one of few countries around the world that have been able to keep people in jobs in the face of extreme global uncertainty, and that's what this data shows.

"We've overseen the lowest average unemployment of any government in the past 50 years.

"Under Labor, inflation is much lower than we inherited, interest rates have been cut three times this year, unemployment is low and living standards are growing again.

“While we've made good progress on the economy together, we recognise people are still under pressure, which is why we're continuing to roll out responsible cost of living relief including tax cuts for every taxpayer, slashing student debt, cheaper medicines and more bulk billing.

"Labor's economic plan is all about creating jobs, helping with the cost of living at the same time as we modernise Australia's economy to boost living standards.

"We know the best way to improve living standards is to make our economy more productive and resilient and our budget more sustainable and that's our focus.”