Analyzing the Labour Market Under the Albanese Government
The current state of the labour market under the Albanese government has been a topic of interest and debate, especially with the recent chart shared by Prime Minister Anthony Albanese. Let’s take a closer look at the performance of three key metrics to understand the situation better.
Relative Jobs Growth
- The economy has created 928,000 jobs since the Albanese government came to power.
- This is significantly higher than previous governments, mainly due to the expansion of the working-age population.
- Since taking office, 978,000 jobs have been created, with a working-age population growth rate of 6.1%, almost double the average rate of the past 30 years.
Unemployment Rate
- The Albanese government inherited a low unemployment rate of 3.9% and saw it drop to 3.5%, the lowest in almost 50 years.
- Currently, the unemployment rate stands at 4.1%, in line with the average increase seen in the first 27 months of other Prime Ministers’ tenure.
- While the job growth has been impressive, the rising unemployment rate is a point of concern.
Under the Bonnet
- A closer look at the job creation figures reveals that a significant portion of the growth is in non-market-based industries, primarily government sectors.
- Market-based industries saw lesser job growth, indicating a shift from the norm.
- This imbalance raises questions about the sustainability and quality of the jobs created.
The Report Card
- The Albanese government boasts the highest level of nominal job growth in history, but with a caveat.
- The high job growth has been overshadowed by even greater labour force expansion, leading to a rise in unemployment.
- The disproportionate job creation in non-market sectors raises concerns about the overall health of the labour market.
In conclusion, while the Albanese government may be celebrated for its record-breaking job growth, the underlying numbers paint a more complex picture. It is crucial for everyday Australians to understand the nuances of these metrics and how they impact their lives and financial future.
Tarric Brooker is a freelance journalist and social commentator.