Australia's unemployment rate has fallen to its lowest level in 48 years. That's according to the latest labourforce data from the Australian Bureau of Statistics.
The Federal Employment Minister is Tony Burke.
"I'm pleased to report today on the jobs figures that have come out. Unemployment is down. Underemployment is down, youth unemployment is down. Unemployment is now at 3. 4 per cent, coming off a 3.5 figure. At 3.4 for that is the lowest unemployment rate we have had since August 1974. "
So what exactly do the figures tell us about Australia's economy?
Most economists say they continue to show that the country's labour market is exceptionally tight.
Ms Mousina says the figures are likely to add further pressure to next month's National Jobs and Skills summit to address workforce shortages.
"We saw from today's jobs figures that there was a further decline in spare capacity with the underemployment rate and the unemployment rate falling so that will be discussed at the National Jobs Summit because one of the key issues that is going to be raised there is that there is this level of skills shortage in Australia. And that's been driven by the the tight labour market, strong employment growth and the fall in underemployment and under utilisation in the labour force. And today's figures reinforce that there is a need potentially to get migration up to help with some of these skills shortages and to help with a tight labour market."
