The Albanese government has recorded the strongest job growth in the first year of any new government on record, according to a recent treasury analysis.
According to statistics provided by the office of Treasurer Jim Chalmers, 465,000 jobs were created between May 2o23 and May this year.
It takes the number of Australians with a job to 14 million for the first time in the country’s history, while taking the overall participation rate to 66.9 per cent.
The data also purports to show that employment growth in Australia has surged at a faster rate than other western countries, including the US and the UK.
Since May 2022 the employment has grown in Australia by 3.4 per cent, according to treasury, compared with 2.7 per cent for the US, 1.8 per cent for Canada and 0.7 per cent for the UK.
The data shows Australia’s participation rate of 66.9 per cent is also higher than the US (62.6 per cent) and the UK (63.7 per cent).
Dr Chalmers said Australia was in a better-placed position than “nearly any other country.”
“This is a remarkable achievement for the economy and for the Australian people,” he said.
“Despite everything that’s coming at us, we’re world leaders when it comes to job creation and workforce participation.”
“More Australians are in work than ever before, the participation rate is higher than ever before and the share of women in work is higher than ever before.”
“While we know slowing global growth, high inflation and higher interest rates will impact our economy and labour market over the coming 12 months, Australia is in a better position than nearly any other country to face the challenges ahead.”