Australia’s unemployment rate has fallen to 4.9 per cent in May 2006, its lowest level since November 1976 according to Labour force figures released today by the ABS today.

Full-time employment increased by 55 800 and 7,254,000 Australians are now in full time employment. This is this highest number ever recorded.
Seasonally adjusted employment is now also at a record high of 10 142 200.
Getting unemployment down even further by creating more jobs and opportunity for unemployed Australians is exactly what the Government’s WorkChoices reforms are about.

Kim Beazley should now admit that he has been wrong about the need for further reform. We know that Mr Beazley does not have the ticker to undertake, or even support, any reform. Protecting the vested interests of his trade union bosses is all he cares about.

It is now time for Mr Beazley to support the Government’s workplace reforms and do the right thing by those Australians who are unemployed.

Over 1.8 million jobs have been created since the Howard Government came to office in March 1996, almost 1 million of which have been full-time positions.

The number of people looking for work declined by 20 500 over the month and remains 218 800 (or 29.6 per cent) lower than when the Government came to office.

The seasonally adjusted participation rate increased to 64.5 per cent in May, as strong labour market conditions encouraged even more people to enter the labour market.

The seasonally adjusted teenage full-time unemployment rate fell slightly, to 21.1 per cent in May, and remains well below the peak of 34.5 per cent recorded under the previous Labor Government.

The teenage full-time unemployment to population ratio (which refers to the proportion of the total teenage population unemployed and looking for full-time work) now stands at just 4.5 per cent.

While labour force figures can vary from month to month, the labour market results achieved over the last decade are a clear demonstration of the Howard Government’s strong economic credentials.