Job Market Hits Record High In Australia

After a dismal few weeks of reports on slow growth and possible downward dips in both the Canadian and the American economy, there is no such news for Australia. Australia, on the contrary, has reported that it is enjoying an employment number of 11.1 million working Aussies, keeping their unemployment rate at a low 5.1 per cent. This news has sent their dollar and stock market soaring.

The Bureau of Statistics in Australia reported that their economy has created 45,900 jobs in June alone, a far cry from the previously forecast 15,000. Employment minister, Simon Crean states, "Australia's strong labour force figures stand in stark contrast to the stubbornly high unemployment rates still being experienced in many other advanced economies, where the aftershocks from the crisis are continuing to reverberate. Australia's unemployment rate is clearly the envy of most of our major trading partners."

This news has also seen the Australian dollar climb almost one cent higher, closing at $87.41 US. It has also seen ANZ shares close at more than a 4 per cent increase, which has helped boost the overall market by 2.4 per cent.

Wayne Swan, Treasurer, says the recent data has shown that Australia was "well ahead of the curve. The Australian economy is well placed to benefit from our proximity and links to the world's fastest growing region (Asia), with the IMF pointing to robust commodity prices which are boosting domestic demand in our economy," He also added "Australia remains a world leader in the global recovery, with stronger growth, lower unemployment and much lower debt than other advanced economies."

Australia's updated figures show a 3.5 per cent growth in 2010 and a forecast 3.5 per cent increase for 2011. It's an impressive outcome being as the unemployment rate sat at 4.8 per cent in January 2009 and jumped to 5.2 per cent in February as the global crisis began to unfold. At it's highest point, the unemployment rate peaked at only 5.8 per cent, a drastic difference from the government's forecast 8.5 per cent.

As many other countries around the world continue to flounder during these uncertain economic times, Australia, it seems, has pulled out of the economic disaster that many of its fellow liaisons are still wallowing in. With the U.S. unemployment rate sitting at 9.5 per cent and Europe's hitting a record 10.1 per cent, it's no wonder many people are just not ready to start spending. Maybe it's time the world took a closer look at Australia's example.