MEDIA RELEASE THE HON JOE HOCKEY MP SHADOW TREASURER

8 March 2012 TREASURER FAILS ON PROMISE OF JOBS, JOBS, JOBS

Todays jobs figures make a mockery of Wayne Swans claim that the 2011-12 Budget was about jobs, jobs and jobs. In February the number of people employed fell by 15,400. Nearly 16,000 jobs have been lost since employment peaked in March 2011. The number of people unemployed rose by 16,400 in the month of February. The unemployment rate edged up to 5.2% from 5.1%, so on the surface it looks as though the unemployment rate has been stable in the low 5s for the past eight months or so. However, this has only been possible because of a fall in the participation rate from 65.6% in June 2011, to 65.2% in todays data. This means that fewer people who should be in the workforce have had jobs or have been looking for jobs. More people have given up and left the workforce. The results are a scathing endorsement of this Governments workforce and economic policies. Both yesterdays weaker than expected GDP growth, and todays soft labour market outcome confirm that the economy has been operating well below potential for some time. It is nothing short of economic vandalism for the Australian Government to be imposing its new carbon tax and mining tax, which will hamper business activity, and destroy jobs.
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