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The Albanese Labor Government has now officially overseen the lowest average unemployment rates of any government in Australia since Whitlam, averaging 3.8 per cent over its first term.
A new analysis by the McKell Institute has found no government since Gough Whitlam was elected in 1972 has maintained unemployment at anywhere close to the low levels seen over the past three years.
The new analysis finds:
“A low unemployment rate is not some abstract number, it is fundamental to the success of individuals and societies,” said McKell Institute chief executive Ed Cavanough.
“Low unemployment in any society means long-term incomes and better social and health outcomes for human lives.
“It is remarkable and noteworthy that Australia has just enjoyed its best term of low-unemployment since the early 1970s, especially considering our population has more than doubled since then.
“It’s worth noting that Australia’s unemployment figures are actually even more positive than the headline figure suggests. Jobs have now been extended to cohorts traditionally left behind, including women, young Australians, those with relatively low education, and Indigenous Australians. All are seeing record low unemployment rates.
“Unlike other countries, like the United States and United Kingdom, Australia’s low unemployment has occurred alongside a record high and climbing participation rate. Indicators like underemployment, hours worked, job search times, and voluntary separations all indicate that the Australian labour market is the tightest it has been in a generation.
“While real wages were eroded throughout Australia’s 2021–22 inflation burst, this tightness in the market is now feeding through to real wage growth.”
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Current "official" ABS unemployment rate is above 4% and no doubt an underestimate. Roy Morgan has the unemployment rate at 11.5%. Those aren't just numbers, those are almost 2 MILLION people out of work. And both the Labs and the Libs are pleased to keep those people permanently jobless. You know, for the "economy" and "lower inflation" yadda yadda! https://www.roymorgan.com/findings/9846-australian-unemployment-estimates-february-2025