George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Hansard source

Thank you; it is a very important question that you ask, Senator Edwards. I am delighted to be able to tell the Senate that the labour force data released earlier in the day showed that the unemployment rate has fallen from 6.2 per cent to 5.9 per cent over the past month. That is a remarkably large fall on a month-on-month basis. The data showed that 58,600 jobs were created in the month of October alone. It showed that employment rose by 40,000 full-time and 18,600 part-time places. It showed that the participation rate had increased at the same time as the unemployment rate had substantially fallen. This is good news for Australia. It is good news for all Australians, and I am disappointed that the Australian Labor Party over there is not rejoicing in the good news that we have heard this morning, that there has been this very substantial reduction in the unemployment rate.

Today, CommSec published in its Economic Insights document this headline: 'Biggest annual lift in jobs in 7½ years'. Why is this happening, Senator Edwards? It is happening for one reason. It is happening because confidence has returned to the Australian economy. People have confidence to hire, they have confidence to invest and they have confidence to spend. And that confidence is reflected in, among other things, the labour force figures. The naysayers on the other side of the chamber might regret to see this happen, but the Australian economy is buoyant and confident today. (Time expired)