Today is a great day for the workers of Australia. The 30-year-low unemployment rate is fresh confirmation of my Government’s strong economic record over the past 10 years.
The unemployment rate in May fell to 4.9 per cent, down from 5.1 per cent in April.
This is the first time the unemployment rate has been below five per cent since November 1976. The result is a wonderful symbol of the success of the Government’s economic policies.
The fall in the unemployment rate occurred at the same time as the participation rate increased, a clear signal that more and more Australians are confident of finding work.
The number of people employed in May increased by 56,000, all of which was full-time work. Of these new jobs, female employment increased by 38,000.
This brings the total number of new jobs created since March 1996 to more than 1.8 million.
As the Government has consistently said Australia cannot afford to stand still. We can not take our prosperity for granted.
We must continue to embrace reform to keep the economy strong and help more Australians find work.
Last week we had the spectacle of the Australian Labor Party criticising new jobs in the Parliament.
Labor and the trade union movement will continue to run a scare campaign against workplace reform, but my Government will continue to make the right decisions to maintain the strength of the economy.
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