Australian minister says jobs growth outlook is positive

by Ray Clancy on October 22, 2015

in Jobs in Australia

In recent months there have been concerns voiced about a slowing in the Australian economy and the impact this could have on jobs for overseas workers but the latest labour force data suggests opportunities could grow.

The data from the Australian Bureau of Statistics shows that the Australian economy is maintaining a jobs growth rate significantly above the decade average with 160,300 jobs created to date this year, the highest number of jobs created in a nine month period the economy has seen in the last five years.

Unemployment RateOver the past year the Australian economy has added 230,100 new jobs. The data also showed youth unemployment has fallen by 12,800 over the past 12 months and female employment rose by 8,100 in September 2015, to stand at a record high of 5,427,300.

However, Employment Minister Michaelia Cash acknowledged that at 6.2% the headline unemployment rate remains too high.

“The government will continue to focus on increasing workforce participation, investing in vital infrastructure, finalising and implementing historic free trade agreements and assisting the unemployed back into the workforce through the new job active employment services programme,” says Cash.

She also pointed out that the new China Australia Free Trade Agreement is good news for Australian jobs.

“The landmark agreement will unlock immense benefits for Australians for many years to come. As well as adding billions to the economy and drive higher living standards for all Australians, this deal will ensure thousands of jobs are created across all States and Territories,” said Cash. “As a result of this historic agreement Australian businesses will have unprecedented access to the world’s second largest economy. It greatly enhances our competitive position in key areas such as agriculture, resources and energy, manufacturing exports, services and investment. These are industries that already generate many jobs but importantly they are sectors where we will see extraordinary opportunities for future jobs growth.”

She pointed out that the dairy industry says the China Free Trade Agreement will create 600 to 700 jobs in just the first year, while other industries such as beef, horticulture and wine will see strong job gains. The Financial Services Council says the China agreement could result in the creation of 10,000 new jobs by 2030 in financial services alone.

“The resources sector has played an instrumental role in delivering prosperity and jobs and this sector will continue to play a pivotal role in our economy for many years,” said Cash. “However to ensure we continue to grow, prosper and create the jobs of tomorrow, the diversification of Australia’s economy is essential. Trade agreements are fundamental to ensuring we play to our strengths and produce the jobs of tomorrow.”

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