Economy heading in right direction: Cormann

Finance Minister Senator Cormann says the economy is trending in the right direction before the release of key economic data this week.

Federal Treasurer Joe Hockey and Minister for Finance Mathias Cormann (AAP)

Federal Treasurer Joe Hockey and Minister for Finance Mathias Cormann (AAP) Source: AAP

Finance Minister Mathias Cormann believes the government's plan for jobs and growth is working, with a series of key economic figures due this week.

The national accounts for the June quarter are out on Wednesday after showing one of the fastest paces of growth in the world during the March quarter at 0.9 per cent.

"We are trending in the right direction," Senator Cormann told Sky News on Sunday.

Senator Cormann conceded the unemployment rate is not coming down as fast as the government would like.

"But to a large degree that is because of increased levels of workplace participation," Senator Cormann said.

For example, female participation is at the highest level since records began at the Australian Bureau of Statistics.

The jobless rate stood at a 12 year high of 6.3 per cent in July.


Share

1 min read

Published

Updated

Source: AAP


Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world