Labour Force data released today shows unemployment rose to 4.6% in August, with youth unemployment jumping up to be more than double the national rate at 10.8%.
This is the highest unemployment rate seen since the rate fell to historic lows in the post-pandemic recovery.
There are 80,000 more people unemployed in the past year alone.
Since Labor came to power, 168,200 more Australians are out of work, with 77,600 more young Australians unemployed now than when the Coalition left office.
More Australians are looking for work, and the participation rate rose to be close to its record high.
Australians are working longer than they were a year ago, with hours worked growing slightly faster than employment.
The number of Australians working more than one job has passed one million for the first time on record and the multiple job-holding rate has climbed to the highest share on record.
Labor’s job creation claims continue to not stack up, with the employment to population ratio continuing to hold steady around 64%.
Attributable to the Deputy Leader:
“Labor inherited an economy with unemployment near historic lows. Now unemployment is rising, youth unemployment is above 10 per cent and more than one million Australians are working multiple jobs.
“That is not what a strong economy looks like, and it is not what Australians were promised. Labor can point to headline job numbers all it likes, but the fact is that Australians are under more pressure not less.
“Australians are not better off under Labor, they are working harder and taking on second and even third jobs, yet they are still watching their living standards collapse.”
Attributable to the Shadow Treasurer:
“Under the Albanese government the wealth and wages of Australians are going backward, and are losing their jobs.
“The Albanese government’s active inflation agenda is cannibalising the economy, they can’t kick their spending addiction and it’s stoking inflation and increasing prices at the supermarket, interest rates, and hiking business costs which leads to job losses.
“This is the economy that Labor has built: high inflation, higher unemployment, high interest rates, and job losses.”
