Global recession 'bearing down on jobs market'

9 Apr 2009, 1:32 pm   -   Source: AAP
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The global recession is bearing down on the Australian jobs market, deputy Prime Minister Julia Gillard says.

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The global recession is bearing down on the Australian jobs market, deputy Prime Minister Julia Gillard says.

Figures released today show the unemployment rate rose to 5.7 per cent in March, the highest level in more than five years.

"Australia is battling a global recession that is resulting in falling growth and rising unemployment right around the world," Ms Gillard said in a statement.

Ms Gillard said the figures showed "the global recession is bearing down on the Australian jobs market".

She repeated the government's prediction that unemployment would go higher than the seven per cent forecast earlier this year.

"As the treasurer has said, the worsening global recession means that unemployment here will inevitably be higher than previously forecast," Ms Gillard said. "Forecasts will be updated through the budget."

"These figures are sobering news," Ms Gillard said.

"The global recession of course has hit jobs around the world."

The United States had an unemployment rate of 8.5 per cent, while Canada and the United Kingdom had jobless rates of more than seven per cent and six per cent respectively, Ms Gillard said.

"This global financial crisis and global recession has hit jobs around the world and of course is having a significant impact on jobs in this country."

Ms Gillard said the situation would have been worse without the initiatives the government had taken to deal with the economic problems, such as the two stimulus packages.

"Despite calls to do so, the Rudd government has not waited to cushion the impact of the global recession on Australian jobs, we have already acted," she said.

"Rather then sit back and wait and see, the Rudd government has acted in anticipation of these figures, not as a consequence of them.

"There are no quick fixes in the face of this global recession, but one thing we know for sure is that unemployment would be higher without this action."

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