Employment has increased to new record highs under the Albanese Labor Government.
New labour force figures released today by the Australian Bureau of Statistics (ABS) show that seasonally adjusted employment increased by 53,000 to stand at a record high of 13,884,400 in March 2023.
The unemployment rate remains steady at 3.5 per cent.
Encouragingly, female employment surged by 56,300 in March and is now 211,200 higher than it was a year ago.
Since the Government came to office in May 2022, a net 338,600 jobs have now been created.
Full-time employment surged by 72,200 to stand at a record high of 9,748,900 in March and is now 5.1 per cent higher than a year ago.
Against the backdrop of robust employment growth, the participation rate remained at 66.7 per cent.
The female participation rate increased strongly to a record high of 62.5 per cent in March 2023 - however, it remains 8.5 percentage points lower than that for men.
While labour market conditions are clearly strong there are still too many Australians engaged in insecure work, with the latest available ABS data showing that there were around 2.6 million casual employees with no paid leave entitlements in February 2023.
It is also clear that Australian workers need to continue to see their wages increase, which is why the Government has recommended to the Fair Work Commission that it ensures the real wages of Australia’s low-paid workers do not go backwards. This builds on the work the Government has done to get wages moving, including through our Secure Jobs, Better Pay laws.
This is particularly important, given the growing uncertainty surrounding the global economic outlook. Indeed, current economic conditions remain challenging and this, together with elevated inflation and high interest rates, is continuing to put considerable cost of living pressures on too many Australians.
To this end, the Government has already passed legislation for cheaper medicines, more affordable childcare, energy price relief and 180,000 fee-free TAFE places.
The Government is also delivering on its broader economic plan that has been calibrated to boost productivity, which is the key driver of real wages over the longer term.