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Labour Force October 2008

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The Hon Julia Gillard MP

Minister for Education. Minister for Employment and Workplace Relations Minister for Social Inclusion. Deputy Prime Minister 06 November, 2008

Media Release

Labour Force October 2008

Labour Force data released today by the ABS shows that employment continued to grow in October, with the

unemployment rate remaining steady at 4.3 per cent.

The participation rate increased by 0.2 percentage points to 65.3 per cent.

Total employment rose by a stronger than expected 34,300 persons in October.

A total of 82,500 jobs have been created in the past five months, and 224,600 over the past year.

In the context of a dramatically slowing international economy, the Government welcomes these very solid

figures. However, while we are better placed than most other countries, Australia is not immune from the

global financial crisis.

The global crisis will impact on growth and employment here, and the Government does expect to see

unemployment rise. The MYEFO forecast the unemployment rate to rise to 5 per cent by June 2009 and 5¾

per cent by June 2010.

Our job is to get the policy settings right for the long term, so we can have growth with low inflation well

beyond the global financial crisis.

The Rudd Government has taken decisive and early action to implement an economic security strategy to help

secure jobs and provide for new job training opportunities.

The economic security strategy is expected to help create up to 75,000 additional jobs over the coming year.

The Government's reforms to employment services aim to better help job seekers and those people that are

really struggling to find a job.

The Government's new workplace relations system has productivity based enterprise bargaining at its heart

and is designed to serve the nation in good and uncertain economic times.

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