Employment rate at ‘record high’ as ​​economy rebounds from COVID-19 pandemic

australia use rate has hit a ‘record’, with 180,000 more Australians at work today than at the start of the Covid-19 pandemic.

Federal Treasurer Josh Frydenberg released the mid-year budget update today and said the unemployment rate had fallen to 4.6%, with more than 366,000 jobs created this month in a new record.

Women held almost 60 percent of these jobs, and young people were hired in a third of them.

Treasurer Josh Frydenberg said Australia’s employment rate was at a “record high” as the economy rebounded from the blows of the pandemic. (New)

Falling unemployment means that this is the first time since before the global financial crisis of the 1970s that Australia has maintained an unemployment rate below five percent.

The unemployment rate is expected to decline further to 4.5% by the middle of next year.

“Employment is at an all time high, with 180,000 more people working today than at the start of the pandemic,” said Frydenberg.

“This result belongs to all the Australians who have sacrificed so much over the past two years.

“It further confirms that the Australian economy is rebounding strongly, having outperformed all major advanced economies throughout the COVID-19 pandemic.”

One million new jobs are expected to be created next year.

Mr Frydenberg said that despite the heavy blow of the Delta epidemic, which has seen 13 million Australians subject to prolonged lockdowns, the country’s fiscal outlook was “stronger” than initially expected in May.

Real gross domestic product is expected to grow 4.5% in 2021 and 4.25% next year, reflecting the “strong” momentum in the economy.

Australia’s budget deficit for the year 2021-2022 2 is forecast at $ 99.2 billion according to the Mid-Year Budget and Economic Outlook (MYEFO), or $ 7.4 billion better than forecast of $ 106.6 billion made in the May budget.

“Tax cuts for families increase household incomes, with household consumption set to increase at its fastest rate in more than two decades,” said Frydenberg.

“Temporary tax incentives are behind the biggest increase in business investment since the mining boom, with non-mining investment set to reach record levels.”

Finance Minister Simon Birmingham said since the budget was handed over in May the country had faced “real disruption” from lockdowns from COVID-19 and Delta, which had seen more than $ 24 billion additional health and economic support provided to businesses, households and health systems.

“This support has proven not only necessary but very effective given the positive results it continues to demonstrate for our economy, for jobs and for the security of all Australians,” he said.