Coalition pledges a million new jobs for migrants

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The federal government will commit to adding one million jobs to the economy over the next four years when Treasurer Josh Frydenberg releases the mid-year budget update later today:

The mid-year budget update on Thursday will show a surge in ­employment growth between now and 2024-25, with 150,000 more jobs expected to be created than had been forecast in the May ­budget…

The Treasurer said the accelerated labour market recovery would equate to one million more jobs over the forward estimates, with the unemployment rate tipped to drop to a 15-year low of 4.25 per cent by 2023. This would be a half-point ­improvement on the May budget numbers which had the jobless rate dropping to 4.75 per cent by 2023.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.