This from AAP on last week’s job figures:
The federal treasurer, Josh Frydenberg, is confident of a strong rebound in the Australian labour market as Covid restrictions and lockdowns end.
Official jobs data for October released last week showed the unemployment rate unexpectedly spiking to 5.2% from 4.6%, although it did not capture the easing of restrictions in NSW, Victoria and the ACT.
Frydenberg says Australian Taxation Office data shows payroll jobs rose 13% in the fortnight to 24 October. New hires were 25% up in NSW, 15% higher in Victoria and 22% stronger in the ACT.
“We are seeing thousands of new hires across the economy but also, importantly, we are going to see tens of thousands, if not hundreds of thousands of people come off zero hours and back into work,” the treasurer told Sky News on Sunday.
“We are very confident of a strong rebound in the labour market, that we can see unemployment get back to the fours, bearing in mind it hadn’t been under 5% for a decade.”
Treasury analysis using banking data shows consumer spending is now greater than it was pre-pandemic with NSW and Victoria spending an extra $150m a day after lockdowns eased. Frydenberg suggested the economy was now facing a private sector-led recovery.
“We as the government are handing over the baton to the private sector to carry Australia’s economy forward,” he said.