The ABS data shows a significant drop in the unemployment rate from 6.2 per cent to 5.9 per cent as a result of the economy adding 58,600 jobs to reach a record high of 11,838,200.
In encouraging news, 40,000 full time jobs were added in October to also reach a record high of 8,171,600. Similarly, female employment reached a record high, increasing by 28,100 to stand at 6,376,600.
Minister Cash said that while today’s employment data was a reflection of the positive consumer and employment sentiment across the Australian economy and welcome news, the unemployment rate remains too high and there is still much work to be done.
“Today’s ABS statistics reveal that more Australians are in work than ever before and is testament to the Government’s strong economic credentials and our comprehensive jobs plan,” Minister Cash said.
“The Australian economy is certainly moving in the right direction. Since the Government came to office in September 2013, employment has increased by 366,400, with 315,000 jobs being added to the Australian economy over the last year alone.”
“The ABS labour force figures can jump around from month to month, however the data highlights the success of the Government’s plan to strengthen the economy and stimulate stronger jobs growth.”
“In terms of the underlying trend, jobs growth is very strong.”
“It is also strongly encouraging to see the youth unemployment rate also decline this month, from 12.9 per cent in September, to 12.2 per cent in October, remembering that the rate stood at 14.1 per cent in January.”
“We are working our way through implementing our policy commitments and the data shows that as we are given the opportunity to implement our agenda we are seeing stronger jobs growth.”
“In this calendar year we have created 231,700 jobs – the fastest 10 month calendar year growth since 2006.”
“Interestingly, in the last 12 months of the former Rudd-Gillard Labor Government, just 86,800 jobs were created – in the past twelve months of the Coalition Government, the economy has added four times that number.”