Treasurer Josh Frydenberg says Thursday’s employment figures have vindicated the Morrison Government’s economic response to the COVID-19 pandemic.
Mr Frydenberg said the drop in the jobless rate by 0.6 points to 4.6 per cent was an “incredible” achievement which had far exceeded market expectations.“More than 366,000 jobs have been created. A monthly record. Almost 60 per cent of these jobs went to women, and about a third of the jobs to young people,” he said.
“It shows that the Morrison government's economic plan is working. It further confirms the Australian economy is rebounding strongly,” he continued. “Real GDP is expected to grow by 4.5 per cent in 2021, and by 4.25 per cent in 2022 reflecting strong and broad-based momentum in the economy and demonstrating our economic plan is working,” he added.
Mr Frydenberg said this would represent the first time since the Global Financial Crisis that Australia had sustained an unemployment rate below five per cent. “Gross debt is projected to be lower in every year of the forward estimates and medium term than at the 2021-22 Budget,” Mr Frydenberg revealed.
“There is also a material improvement in the net debt position which now peaks at 37.4 per cent of GDP as opposed to 40.9 per cent in 2024-25, $65.7 billion lower than what was expected in May,” the Treasurer said.