The Albanese government is commemorating what it hails as an “strongest start for job growth for any Australian government in history” as it embarks on its second year in office.
According to a recent analysis conducted by the Treasury, it has been revealed that the number of employed Australians witnessed a substantial increase in April 2023 compared to May 2022. The findings indicate that an impressive 333,000 individuals found employment during this period, surpassing the job growth achieved in the initial year of the Abbott Coalition government by more than threefold. This report originates from Jim Chalmers’ office.
The job rise follows Australia’s recovery from the pandemic’s early phases, which included lengthy border restrictions.
The recovery has also culminated in nearly full employment. According to the Australian Bureau of Statistics, the unemployment rate in April stood at 3.7%. This figure falls below the conventional threshold for full employment, as determined by the non-accelerating inflation rate of unemployment (NAIRU), which is typically estimated to be around 4.5%.
The same Treasury analysis shows 60% of jobs experienced higher wage growth than the previous year in the March quarter. That 60% figure is nearly double the pre-pandemic mean of 32.5% in 2019.
According to the Treasury, the mean full-time employee will have observed a rise in their earnings of $1,000 in excess of what would have occurred under the last government, although rising inflation implies people are still having difficulty making ends meet.
Chalmers asserts that he is aware that more work is required.
“More Australians in work and earning more are among the really pleasing economic outcomes over the past year,” the treasurer told.
“We’re pleased wages are moving again, but we know that we need to see inflation moderate to secure real wage growth and ease the cost-of-living pressures felt by many Australians.”
Tony Burke, the employment minister, who has kept up the effort for minimum wage workers to receive higher wages to keep up with inflation, stated the government was sticking to its election promise of “secure jobs and better pay.”
This week, the Albanese administration returns to parliament, and discussion on its budget proposals begins.
- Published By Team Australia News