New data expected to show a rise in the unemployment rate

ABC NEWS (Australia)

The unemployment rate is expected to climb when the latest jobs figures are released this morning. Treasurer Jim Chalmers says job creation is still strong, despite sluggish economic growth

Transcript

00:00Most people understand and expect that the labour market in Australia has been softening

00:05a bit really since the middle of last year or so.

00:08That's one of the inevitable consequences of the interest rate rises in the system plus

00:13persistent inflation and the global economic uncertainty that we're seeing around the world.

00:17So we've seen the labour market soften a bit in Australia, we've seen our economy slow.

00:22And that's why it's so remarkable that under this Albanese Labor Government for the first

00:26time ever, in one parliamentary term, we've seen the creation of around a million jobs

00:32in our economy.

00:33And when our economy's slowing and our labour market's softening, those million new jobs

00:38created in just one parliamentary term is a pretty remarkable feat.

00:42It's all about making sure that more people can work, earn more and keep more of what

00:46they earn.

00:47We've made good progress on all three of those fronts, despite the slowing economy and the

00:50softening labour market.

00:52And that progress is a good thing.

00:55And we're also seeing that progress made at the same time as inflation has come off really

00:59substantially since the year that we were elected and we'll learn more about that in

01:03the middle of next week as well when we get the monthly inflation data.

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