Mr ANTHONY SMITH (2:08 PM) —My question is addressed to the Treasurer. Would the Treasurer provide the House with an update on the strength of the economy and the state of the Australian labour market.

Opposition members interjecting—

The SPEAKER —I understand that there was good-natured comment about the question being addressed to the Treasurer, but I have been unable to hear it and so I would appreciate the member for Casey repeating the question.

Mr ANTHONY SMITH —My question without notice is addressed to the Treasurer. Would the Treasurer provide the House with an update on the strength of the economy and the state of the Australian labour market.

Mr COSTELLO (Treasurer) —I congratulate the member for Casey for his maiden question. It is certainly the first time he has asked a question but maybe not the first time he has written a question in this House. Can I say in answer to the honourable member's question that today's labour force showed that for the month of January the unemployment rate was seven per cent on a participation rate of 64.2 per cent, the highest participation rate recorded. What that showed is that numbers of people returned to looking for work. The figures for the month of January showed that in the month of January total employment rose by 101,800 persons—101,800 additional jobs were shown by the figures. I have said to the House on previous occasions that these figures do tend to bounce around a bit but we can take great comfort that of the 101,800 new persons in work in January, as measured by these statistics, there were 70,500 in full-time employment. I think all members of the House will welcome that.

Mr COSTELLO —I hear the interjection of the member for Jagajaga as she welcomes the fact that additional jobs were created.

What this says is that it is consistent certainly with the ANZ job advertisements which show job advertisements went up significantly in relation to January. Whilst, as I said, these figures do bounce around considerably from month to month, it indicates that the employment intentions of employers were strong, that we are coming back after the shocks of September 11 in terms of employment, and this is consistent with growing consumer sentiment and business confidence. We do not underestimate the difficulty of the international economy, probably at its lowest level for some 30 years, but I think Australians can feel that we will come through the world recession in better condition than any other developed economy in the world and supported by low interest rates, a first home owners scheme, tax cuts, the taking of taxes off exports—all of the big structural changes which have helped the Australian economy. If we continue that forward we may see continued jobs growth.

One figure that the House might be interested in is that since the election of this government in March 1996 there have been 948,000 new jobs created in Australia. We are within sight of one million additional jobs since March 1996. I think all Australians will take that as a welcome sign. We do not want to give up on unemployment—unemployment is still too high—but the rate of jobs which were shown in January will be welcomed by both sides of the parliament.