Sky News host Nicholas Reece says Australia’s employment figures are “a reminder that we do indeed live in a lucky country”.
“Labour force figures released this week show the Australian economy has enjoyed what is being described as a miracle rebound in employment. The Australian economy added more than 70,000 jobs in March,” he said.
“The Australian Bureau of Statistics said the unemployment rate fell from 5.8 per cent in February to 5.6 per cent in March.
“We obviously still have a long way to go with the economic recovery from COVID-19, but these are great numbers. It means more people in jobs, more people earning a livelihood, and happier households.”
Mr Reece said while we should give thanks for the good decisions that have been made in Australia, it is still too early to celebrate.
“Australia appears to be going through what economists are calling a K-shaped economic recovery. Some sectors are coming back strongly, but some sectors and regions are still in the doldrums,” he said.
“Interestingly, women were the big winners in this week’s employment numbers with female participation growing at five times that of men. Women took almost 80 per cent of the 70,700 jobs added to the economy in March.
“The explanation lies in the fact that women account for the lion’s share of jobs in health care and social services that have grown during COVID-19.
“Men on the other hand make up 85 per cent of the jobs in the construction sector. And there are some worrying signs here in the medium term. Population growth in Australia has crashed – in fact, the population of Australia has dropped for the first time in 100 years due to a drop in the birthrate and immigration.”