Prime Minister Anthony Albanese tweeted below, claiming that “we’ve created more new jobs than any first-term government on record”.
“Our plan means more people in work, earning more and keeping more of what they earn”.
While the level of job creation might be true, it comes against the backdrop of a record increase in Australia’s labour supply driven by net overseas migration:
Thus, the Albanese government has merely created jobs for migrants.
Next, it is also worth pointing out the deterioration in Australia’s labour market since Labor came to office:
- Australia’s trend unemployment rate was 3.7% on election day versus 3.9% currently.
- Trend underemployment was 6.0% on election day versus 6.6% currently;
- The trend participation rate was 66.7% on election day versus 66.8% currently; and
- The trend employment-to-population ratio was 64.2% on election day versus 64.1% currently.
On all accounts, Australia’s labour market has deteriorated under Labor’s watch.
Real per capita household disposable income has also collapsed since Labor came to office:
Anthony Albanese has also chosen the worst possible time to gloat given the nation’s unemployment rate is destined to surge higher this year as record labour supply meets slowing demand for workers:
I look forward to revisiting Anthony Albanese’s Tweet later in the year.
