VET News

Labour Force Figures are On The Up!

The labour force figures released this week by the Australian Bureau of Statistics (ABS) show that the Australian labour market continued to recover at the end of 2020, with employment increasing by 50,000 in December. 

Encouragingly, full-time jobs increased by 35,700 in December, meaning almost 120,000 full-time jobs have come back over November and December accounting for the majority of employment growth over this period.

Importantly, while employment fell by 872,100 between March and May, it has since increased by 784,500 over the last seven months, recovering almost 90 per cent of the jobs lost so far during the pandemic.

Minister for Employment, Skills, Small and Family Business, Senator, the Hon. Michaelia Cash, said the Government remains acutely aware that the economic and labour market fallout from COVID-19 will continue for some time to come.

“That is why the Morrison Government has committed an unprecedented $507 billion in economic support, to help rebuild the economy and put Australia back on the road to recovery,” Minister Cash said. “This includes $257 billion in direct economic support including more than $101 billion in JobKeeper payments to help cushion the impact of COVID-19 which has led to the most severe global economic crisis since the Great Depression. This is the single largest economic support measure that any Australian Government has introduced, which will help mitigate the difficulties that businesses and employees are encountering as a result of COVID-19.”

The Morrison Government’s Economic Recovery Plan has been described by the Organisation for Economic Co-operation and Development (OECD) as key to saving jobs and will also continue to help boost Australia’s economic recovery, create further employment opportunities and help to secure this country’s economic future.

Further information and figures can be accessed via the Ministers' Media Centre Release here.
 

Date posted Jan 28, 2021