... creating jobs and reducing unemployment
Around 750,000 Australian jobs have been created since late 2007, driving unemployment below 5 per cent.
At just 4.9 per cent, Australia's unemployment rate is lower than any of the major advanced economies except Japan.
Labour force participation is around historical highs, at close to 66 per cent.
Unemployment is forecast to fall to 4½ per cent by mid-2013, and it is estimated that close to 500,000 jobs will be created over the next two years.
However, there are still some groups at risk of missing out on these opportunities.
Employment outcomes remain strong
Australia's unemployment rate is lower than that of all major advanced economies bar Japan.
Since 2007, it is estimated that around 30 million jobs have been shed worldwide. Since March 2007, employment in Australia has increased by 9¼ per cent, compared with just 3 per cent in Canada, 2¼ per cent in New Zealand, and a decrease of 4¾ per cent in the United States.
While labour market conditions remain weak in a number of other advanced economies, the Australian economy created over 300,000 jobs in the past year alone.
Our positive economic outlook
Recent signs are encouraging: economic growth is solid, notwithstanding the temporary hit from the natural disasters; unemployment has fallen below 5 per cent; and inflation is moderate.
The outlook is also positive, as economic development in China and India and the strengthening global economy continue to support output and jobs growth over the medium term.
Unemployment rates — Australia and selected advanced economies
Source: ABS cat. no. 6202.0, national statistical agencies and Thomson Reuters. Note: New Zealand data are quarterly.