Employment figures looking good
The official employment figures released yesterday by the Australian Bureau of Statistics Unemployment figures have revealed an unemployment decrease of 0.2 per cent down to 4 per cent.
The results have defied economists' predictions of an increase in unemployment levels and slower job growth due to interest rate hikes.
Speaking to AAP Federal Treasurer Wayne Swan said yesterday's employment numbers were a cause for celebration, but to maintain job growth further measures would need to be taken.
"If we want to continue to have strong jobs growth, we have got to control inflation, we have got to lift our productivity,'' Mr Swan said.
"We can have strong growth if we lift our productivity and control inflation, and that's what we on this side of the house are doing.
"It means fighting inflation, it means investing in the productive drivers of growth, it means dealing with the skills shortages.''
Debbie Loveridge, CEO of specialist recruitment network, Vedior Asia Pacific, believes it is still too early to report on the full effects of the interest rate rises on employment in the country.
"Talk about growth in the job market slowing, is predominantly referring to SMEs which may be heavily impacted by the drop in consumer confidence and the recent interest rate rises.
"In reality, larger employers in Australia will still be seeking ways to beat the skills shortage as they look to grow and strengthen their business," Loveridge explained.