The unemployment rate is expected to climb when the latest jobs figures are released this morning. Treasurer Jim Chalmers says job creation is still strong, despite sluggish economic growth
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00:00Most people understand and expect that the labour market in Australia has been softening
00:05a bit really since the middle of last year or so.
00:08That's one of the inevitable consequences of the interest rate rises in the system plus
00:13persistent inflation and the global economic uncertainty that we're seeing around the world.
00:17So we've seen the labour market soften a bit in Australia, we've seen our economy slow.
00:22And that's why it's so remarkable that under this Albanese Labor Government for the first
00:26time ever, in one parliamentary term, we've seen the creation of around a million jobs
00:32in our economy.
00:33And when our economy's slowing and our labour market's softening, those million new jobs
00:38created in just one parliamentary term is a pretty remarkable feat.
00:42It's all about making sure that more people can work, earn more and keep more of what
00:46they earn.
00:47We've made good progress on all three of those fronts, despite the slowing economy and the
00:50softening labour market.
00:52And that progress is a good thing.
00:55And we're also seeing that progress made at the same time as inflation has come off really
00:59substantially since the year that we were elected and we'll learn more about that in
01:03the middle of next week as well when we get the monthly inflation data.