Thursday, 6 September 2007

...and people want to throw them out???

It's worth remembering that the opposition Labor Party voted, and campaigned, against the reforms that have led to Australia's ongoing terrific economic strength that includes low unemployment.
Unemployment in Australia remains at a three-decade year low

The official work force figures for August show a national jobless rate of 4.3 per cent, where it has stood for four months in a row. It has not been lower since 1974.

In the latest month, almost 32,000 extra jobs have been created, 29,000 of them full-time.

Some economists had thought unemployment might rise as a result of the Federal Government's Welfare to Work changes, implemented from July.

The Australian Bureau of Statistics says it is unable to estimate the impact of those changes, but the work force participation rate has edged up to a record high 65.1 per cent of the civilian population over 15 years of age.

Treasurer Peter Costello says the new participation rate of 65.1 per cent is a record high.

"We can't tell you how much of that is people who were previously on welfare, what we can tell you is that we have tightened eligibility to welfare and encouraged people to move off welfare and to look for work," he said.

But he says the Australian economy is not out of the woods, as the fallout from the US subprime mortgage crisis is more significant than the Government had hoped.

TD Securities senior strategist Joshua Williamson says the figures show the economy is in very good shape.

"The economy has created an average of 22,500 jobs per month over the last year or over 270, 000 new jobs," he said.

"Now most of those jobs have been full-time so that tells us the economy is growing very strongly."
When the faux campaign ends and the gloves come off, the government's economic credentials will be their greatest weapon. Climate change will be a huge millstone around the opposition's neck, as they're intent to sign Kyoto demonstrates they're prepared to sacrifice Australian jobs and prosperity at the temple of symbolism.


cooly67 said...

You obviously know nothing about economics. It was the Labor Party that began the process of decentralisation of wage fixing in 1993. And the take up of AWAs has been so insignificant that the assumption that Howard's workplace 'reforms' have anything to do with low unemployment is farcical.

Jack Lacton said...


If you believe the drivel that Labor is now sprouting that they're the ones responsible for our current economic success then you're in complete denial.

You may remember the Accord with the unions. It created an inflexible labour market that meant when there was a downturn in the economy (the "recession we had to have") we suffered a hard landing.

Work Choices, and other changes (third party strikes being outlawed etc) creates flexibility in the labour market that ensures a soft landing when things go wrong.

Also, the effect of the GST has been profound. Keating should have stuck to his guns 20 years ago and introduced it. We'd all be better off.

The Hawke/Keating years produced two positives - floating the dollar and the removal of tariffs.