A new report, released today, has found that the Albanese Government has delivered Australia's lowest average unemployment rate in over 50 years.
The McKell Institute report, Assessing the Albanese Government's First Term Employment Record, noted that the unemployment rate under the Albanese Government has averaged 3.8 per cent, well below the long‑term average of 6.3 per cent.
It also noted:
"The Albanese Labor Government has overseen the longest period of sustained lowest unemployment of any Australian government since Whitlam. This is true for the headline figure, and extends to vulnerable demographics such as women, young Australians, those with less formal education and Indigenous Australians.
"Unlike other countries such as the United States and United Kingdom, this has occurred alongside a record high and climbing participation rate. Other 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. Given that most Australians are workers, it's hard not to see all of these indicators as a good thing."
The report found real wages are being "claw(ed) back", with five quarters in a row of real wage growth, following a significant slump brought on by deliberate policy decisions under successive former Coalition Governments.
Minister for Employment and Workplace Relations, Murray Watt said it was pleasing to see positive results for Australians who have traditionally been left behind in the jobs market.
"The report shows participation levels are up, female unemployment is the lowest it has been under any government since 1972, and we've also overseen the lowest sustained youth unemployment rate since data recording began in the late 70s.
"This is no accident - the Albanese Government's responsible economic policy has encouraged businesses to grow, while we have invested in initiatives that give Australians more opportunities to upskill and join, or re‑join, the workforce.
"We are committed to ensuring more people have secure work, earn more and keep more of what they earn and this shows once again our economy has turned a corner."
Assistant Minister for Employment, Dr Andrew Leigh said the report showed strong results across Australia.
"These gains are being seen right across the country, with nearly every state and territory hitting record average lows.
"This report paints a clear picture: unemployment is at historic lows, more Australians - including women, young people, and those without formal qualifications - are finding secure work, and jobseekers are landing roles faster than ever.
"Participation is rising, underemployment is falling, and workers have greater power to move on their own terms. These numbers reflect a labour market that is stronger, fairer, and more dynamic than we've seen in a generation."
