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Unemployment at lowest rate since 1977
15:19 AEST Thu Nov 11 2004
Unemployment has fallen to its lowest level since 1977 and the federal government now believes it can lock in a rate under six per cent for years to come.
The official unemployment rate dipped 0.2 percentage points to 5.3 per cent in October.
The actual number of people out of work fell 21,600 to 545,900, the lowest level since May of 1990.
The fall was led by Queensland, where unemployment dipped to 4.5 per cent from 5.3 per cent.
Unemployment also fell in Victoria (6.0 per cent), South Australia (5.8 per cent), West Australia (4.7 per cent) and Tasmania (6.4 per cent).
The improvement in employment was even more meritorious with the participation rate - the number of people actually in employment or looking for work - rising 0.1 percentage points to 63.7 per cent.
Treasurer Peter Costello said unemployment was now at its lowest level in a generation.
He said structural changes had occurred throughout the economy that meant unemployment could be locked in under six per cent.
"Structurally unemployment has moved down a notch," he told reporters.
"The task is now to lock in unemployment below six (per cent) and move closer to five (per cent)."
He also said the government wanted to continue reforms to increase workforce participation and he warned against wage pressure building up in the economy that could threaten the low unemployment rate.
"If we were to get wage pressure building up in the economy it would threaten the kind of job creation and low unemployment rates (that we have)," Mr Costello said.
"... the worst thing we could do is say we've had this once-in-a-generation result and let's now unleash negative forces."
Employment Minister Kevin Andrews said the outlook for the jobs market suggested further employment gains could be made in coming months.
"While labour force figures can vary from month to month, forward indicators of labour market activity point to further solid employment gains in the months ahead," he said.
...
Excellent news, so long as there is no inflationary effect, which there does not seem to be at this stage. It also demonstrates the absurdity of Labor's IR policy, which sought to undo all the reforms which had made the low rate of unemployment possible, and would have caused inflationary wage increases, as they would not be linked with production. Now all we need is to pass that unfair dismissal legislation and we can make the unemployment rate even lower.
15:19 AEST Thu Nov 11 2004
Unemployment has fallen to its lowest level since 1977 and the federal government now believes it can lock in a rate under six per cent for years to come.
The official unemployment rate dipped 0.2 percentage points to 5.3 per cent in October.
The actual number of people out of work fell 21,600 to 545,900, the lowest level since May of 1990.
The fall was led by Queensland, where unemployment dipped to 4.5 per cent from 5.3 per cent.
Unemployment also fell in Victoria (6.0 per cent), South Australia (5.8 per cent), West Australia (4.7 per cent) and Tasmania (6.4 per cent).
The improvement in employment was even more meritorious with the participation rate - the number of people actually in employment or looking for work - rising 0.1 percentage points to 63.7 per cent.
Treasurer Peter Costello said unemployment was now at its lowest level in a generation.
He said structural changes had occurred throughout the economy that meant unemployment could be locked in under six per cent.
"Structurally unemployment has moved down a notch," he told reporters.
"The task is now to lock in unemployment below six (per cent) and move closer to five (per cent)."
He also said the government wanted to continue reforms to increase workforce participation and he warned against wage pressure building up in the economy that could threaten the low unemployment rate.
"If we were to get wage pressure building up in the economy it would threaten the kind of job creation and low unemployment rates (that we have)," Mr Costello said.
"... the worst thing we could do is say we've had this once-in-a-generation result and let's now unleash negative forces."
Employment Minister Kevin Andrews said the outlook for the jobs market suggested further employment gains could be made in coming months.
"While labour force figures can vary from month to month, forward indicators of labour market activity point to further solid employment gains in the months ahead," he said.
...
Excellent news, so long as there is no inflationary effect, which there does not seem to be at this stage. It also demonstrates the absurdity of Labor's IR policy, which sought to undo all the reforms which had made the low rate of unemployment possible, and would have caused inflationary wage increases, as they would not be linked with production. Now all we need is to pass that unfair dismissal legislation and we can make the unemployment rate even lower.

