Labour Force data released today shows unemployment hit 4.7% in September, with youth unemployment jumping up to 11.1%, more than double the national rate.
Both are at the highest rate seen in 5 years – when the unemployment rate was driven to historic lows under the Coalition’s Government’s pandemic recovery.
Earlier this week the IMF predicted Australia would have the largest increase in the unemployment rate in the advanced world in 2027 to 4.7%. It has already reached that prediction.
There are 102,700 more Australians unemployed in the past year alone.
Since Labor came to power, almost 177,400 additional Australians are out of work, with 85,200 more young Australians unemployed now than when the Coalition left office.
Hours worked grew again, meaning Australians are working longer than they were a year ago.
This follows the latest Labour Account data which showed more than one million Australians hold multiple jobs, including a record number of women and young Australians.
Labor boasts about record jobs growth but the truth is that jobs growth is being driven by population growth.
Attributable to the Deputy Leader:
“Earlier this week, the IMF predicted Australia would have the largest increase in unemployment in the advanced world in 2027, reaching 4.7 per cent. Australia has already reached that rate.
“Both the national unemployment rate and the youth unemployment rate are at five-year highs. That is a damning indictment of Labor’s economic management.
“The Coalition drove unemployment to historic lows as Australia recovered from the pandemic. Under Labor, almost 180,000 more Australians are unemployed than when we left office.
“Labor should be focused on creating the conditions for businesses to invest, grow and employ more Australians, not presiding over rising inflation, higher taxes and a deteriorating jobs market.”
Attributable to the Shadow Treasurer:
“Policy should be driving unemployment, spending, inflation and interest rates down, instead unemployment is up, spending is up, inflation is up and interest rates are up”.
“Unemployment has gone up 0.6 percentage points since January, and the International Monetary Fund’s report card this week is projecting 800,000 Australians out of work next year because of the Albanese economic model”.
“Australia is set to have the biggest rise in unemployment in the developed world. That isn’t bad luck, it’s bad policy. The Albanese government stoked inflation, taxed inflation and spent inflation, and now Australians are going to pay for it with their jobs and livelihoods.”
“The Albanese government is on track for another gold medal after receiving one for the biggest drop in living standards in the developed world, with rising inflation and higher interest rates, and this time it is for the biggest rise in unemployment in the developed world”.
