The last major piece of economic data we will see before the election has emerged and it offers hope to the once-struggling Coalition: unemployment has fallen below the magic level of 4% to register a rate starting with a three for the first time in many years: 3.9%.
The underemployment rate fell to 6.1% as the economy pivoted to full-time work. The economy had 92,000 more full-time workers in April and 88,000 fewer part-time workers, for a net gain of 4000 people in work. These are undeniably good numbers and we can expect to see a smiling Treasurer Josh Frydenberg boasting about them this afternoon.
Of course, most voters have already baked in their perception of the quality of the Coalition’s economic management. Many have already voted too. Can a late-breaking piece of good news change the course of an election?
The question is whether swinging voters are significantly engaged enough with conventional news sources to find out about the low unemployment rate between now and when polls close on Saturday. But with this data breaking the Coalition’s way, the chances of a late and uncertain night on Saturday are increasing.
3.9%! Lowest in decades! What an utterly meaningless figure and statement. Decades ago we didn’t count one hour a week as being employed. Yet no one, not one journalist, including here on Crikey, ever picks Morrison up on it. It’s a mystery to me…
Agree. Don’t know why the MSM even quotes the figure.
Or that the country was closed from workers coming here to live and work due to COVID-19.
It’s a farce. Pollies putting a positive spin on a distorted figure. Next Scott Morrison will be pinning a medal on himself for saving the world.
Also, isn’t it funny that whilst Fraudenberg and Moronscum are happy to pin inflation on international factors, they’re more than happy to take the credit for the unemployment rate….even though they’re driven even more by international factors.
Ironically, I think the low unemployment rate actually gives these numbers /less/ of an impact. After all, who cares about the unemployment rate? People who are unemployed, or who are at risk of unemployment. How many of those are there right now? Not so many.
By contrast, low wages growth and real wage cuts are things that impact almost all the workers out there, just like cost of living increases impact just about everyone – far larger constituencies who will possibly take these numbers into account when voting.
The ancient Greeks and Romans and the southern States of the gold ol’ USA had zero unemployment. They also had slavery. Morrison’s got the modelling.
Yay, artificial fantasy figure to save artificial fantasy PM!
Never mind the wages, feel the jobs!
When a respondent answers on the number of hours they usually work a week, the next question asked is ‘would you like to work more hours than you usually work’ and if so, ‘how many hours’.? This is important as it can reveal what percentage of those employed are either under employed or under utilised
There are people doing ‘casual’ jobs of 60+ hours/week. People don’t want to work more hours, they want their worked hours to be paid properly, and not to have to work several insecure jobs in order to make enough for the rent.