Today's jobs numbers for January show the number of employed people in Australia reaching a record high of 14,634,300, with 64.6 per cent of the working age population now in a job and the participation rate at 67.3 per cent, both also records.
This is another very encouraging set of jobs data which shows the progress we are making together in our economy.
Unemployment, though ticking up slightly, is still very low at 4.1% and 44,000 new jobs were created in January.
Average unemployment is lower under the Albanese Labor Government than any government in fifty years.
In total more than 1.1 million new jobs have been created under the Albanese Government, including 706,700 full-time positions.
More than 580,000 new jobs for women have been created, with nearly two thirds of those full-time. Full-time employment for women increased by 31,500 over the month, taking it over 4 million, also a new record.
Overall full-time employment rose by 54,100 in January, to stand at a record high of 10,092,800.
The number of young people in work also increased, rising by 11,300 to 2,245,600.
This week we've had very welcome news on interest rates on Tuesday, and wages and jobs yesterday and today.
Under Labor, inflation is down, real wages are growing again, unemployment is low and now interest rates are coming down as well.
New data also shows the average weekly earnings for full-time workers are continuing to rise with a 2.7 per cent increase over the six months to November 2024.
Annual growth to November 2024 rose to 4.6 per cent, or an extra $87 a week.
This means the average full-time worker is now earning $206 more per week, or around $11,000 per year since the Albanese Government came to office - an 11.6 per cent increase.
Yesterday, the ABS also released data showing the Wage Price Index has grown 0.7 per cent in the December quarter, to be 3.2 per cent higher through the year.
Real wages grew by 0.5 per cent in the quarter and 0.8 per cent through the year to the December quarter 2024.
Labor's reason for being is to ensure more people have secure work, earn more and keep more of what they earn and this shows once again we are heading in the right direction.
Many countries around the world have paid for progress on inflation through higher unemployment, but we've been able to preserve the gains we've made in our labour market at the same time as we've got inflation down substantially.
These jobs and wages numbers are more evidence of the soft landing we have been planning and preparing for but we know there's more work to do.
We acknowledge that many Australians are still under pressure, and that's why the Albanese Government's cost-of-living help is so important.
Peter Dutton and the Coalition have opposed our cost-of-living help and workplace laws, which independent experts have confirmed are starting to make a difference to Australians' pay and conditions.
Australians would be thousands of dollars worse off if Peter Dutton had his way on tax cuts, energy bill relief and wages, and worse off still if he wins the election.
