An historic dramatic reversal in the fortunes of the Australian economy has been confirmed by the Bureau of Statistics, with GDP growth at its lowest level in over a decade and the number of unemployed reaching its highest level in more than a decade.
The latest Bureau of Economic Analysis data shows the number one indicator of the economy, unemployment, fell to its lowest rate since the Rudd Labor government took office, with joblessness at a record low of 0.1 per cent.
In fact, the unemployment rate is now at its highest point since the Great Depression, as more than 1.1 million people have been lifted out of the workforce, with the economy now projected to expand by about 2.5 per cent this year.
Economists had previously forecast that Australia’s unemployment rate would fall to its low point of 0,000 people per jobless, in a world of 1.6 million jobs.
The numbers are a dramatic reversal from a month ago, when the Bureau said the jobless rate had fallen to 4.3 per cent and the unemployment number had risen to 489,000.
While the figures were positive news for Australia, there were still questions over whether the government was going too far in its efforts to lift the economy out of a prolonged recession.
Labor’s Malcolm Turnbull, who has been Prime Minister since January, is also keen to highlight the positive impact the dramatic economic turn-around has had on Australians.
“We’ve seen that with unemployment, there’s been a significant reduction in the number that are unemployed and the labour force participation rate,” he told ABC TV’s 7:30 program.
“I think it is clear that we’re now in a new era in Australia’s economic development.”
The jobless figure is now down to its smallest level in nearly three decades, and Mr Turnbull is also aiming to make sure that Australians are getting a fair deal from the Federal Government.
The Opposition has also promised to overhaul the country’s social security system, with Labor calling for a $40 billion cut to the welfare budget.
The Labor Party is currently on course to win the next federal election, with Malcolm Turnbull as Prime Minister.
“It’s important that we start to make progress in the way we’re working together on issues like this, so that we can get our economy moving again,” Mr Turnbull said.
“Our job is to make the economy work for everyone, including the unemployed, and I think that’s something we’re committed to doing.”