08 October 2010

Australian employment soars in September

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The Australian economy continued to surge in September adding 49,500 new jobs, more than double the 20,000 jobs predicted by analysts.

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Recently released low unemployment rates have pushed the Australian dollar to parity to the US dollar.

The rise in employment was driven by an increase in full-time employment, leaving Australia's unemployment rate unchanged at 5.1 per cent in September.

Full-time jobs rose by 55,800 to 7.984 million in September, offsetting a fall of 6,300 part-time positions during the month.

The figures were described as remarkable by economists, underlining just how strong the Australian economy is right now. However, Shadow treasurer Joe Hockey believes the government must change its fiscal policy settings as they are no longer appropriate.

"Now that the economy is running close to Treasury's definition of full employment, the government's fiscal policy settings must be recalibrated," Mr Hockey said.

Australia may have to rely on targeted skilled immigration in order to give business the room to grow as the economy surges on the back of a China-driven mining boom.

Australia's unemployment rate is significantly lower than the US, Europe and Canada, where the unemployment rate is close to 10 per cent.

The Australian dollar also reached record highs this week. The currency eased slightly to $US0.9826 during trading early today Australian time, having climbed to a 28-year peak of $US0.9920 on Thursday.

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