Today’s Labour Force Survey shows that 29,000 new jobs were created in December. As a result the unemployment rate fell to 5.1 per cent — the lowest level since November 1976. This is the 17th consecutive month that the unemployment rate has been below 6 per cent.
The December outcome brings the total number of jobs created in 2004 to around 260,000 with over 166,000 of those being full time jobs. Since the Government took office almost 1.5 million new jobs have been created.
This impressive employment record endorses the Government’s sound economic and fiscal management. With Australia achieving sustained economic growth, low unemployment, low inflation and low interest rates, it is not surprising that business and consumer confidence is high.
But more needs to be done to ensure we lock in these low unemployment rates and generate more employment opportunities. The Government remains committed to pursuing a range of reforms designed to create more jobs to the benefit of all Australians.