The McKell Institute reposted this
Thanks to Australian Associated Press (AAP) for covering our The McKell Institute labour market analysis today, ahead of Budget 2025. The historically low unemployment rate sustained throughout this parliament matters — not least because it has disproven arguments by some that long overdue corrections to the industrial relations system would increase the unemployment rate. You can read Max Douglass' analysis here: https://lnkd.in/gUFkYpUm
📉 Australia’s unemployment rate has averaged 3.8 per cent under Anthony Albanese — the lowest of any prime minister since Gough Whitlam, according to new analysis from Labor-aligned think tank The McKell Institute. “A low unemployment rate is not just some abstract number, it is fundamental to the success of individuals and societies,” said institute chief executive Ed Cavanough. 📊 Thursday’s ABS data is expected to confirm jobless rates holding at 4.1 per cent, well below the historical 6.3 per cent average since 1972. 👝 Although Labor's workplace protections such as 'same job same pay' laws and multi-employer bargaining have not caused unemployment to skyrocket, Labor cannot take all the credit. 📉 Unemployment was already trending down under the coalition and Labor has also been accused of artificially tightening the labour market by overseeing a massive expansion in non-market sector jobs, such as healthcare and education, making it harder for other industries to find workers. 💰 Economists say a strong job market is keeping interest rate cuts at bay, with the RBA waiting for inflation data before making its next move. You can read the full story by AAP Journalist Jacob Shteyman here: https://lnkd.in/ePcY-zy8