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Hockey concerned by rising jobless rate

Joe Hockey, who is expected to be sworn in as treasurer next week, has expressed concern about the jobless rate rising to a four-year high.

Soon to be sworn in as treasurer Joe Hockey.
(File: AAP)

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Source: AAP


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Liberal frontbencher Joe Hockey is concerned that Australia's jobless rate is rising when it is decreasing in many other advanced economies.

Mr Hockey, who is expected to be sworn in as treasurer under the new Abbott government next week, says the latest labour force data reaffirms the need for a positive plan to boost growth and create jobs.

The August data shows the unemployment rate rising to 5.8 per cent from 5.7 per cent previously, its highest level since August 2009 during the middle of the global financial crisis.

The number of people in employment dropped by 10,800 in August, when economists had expected a 10,000 increase.

Full-time employment fell by 2600, while those in part-time work decreased by 8200.

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"At a time where unemployment rates in many other advanced economies are decreasing, Australia's unemployment rate is heading in the opposite direction," Mr Hockey said in a statement.

He says the coalition is "purposefully and methodically" preparing for government with a plan to build a strong and prosperous economy.

"As a starting point the coalition will get rid of Labor's carbon tax, get rid of the mining tax and not proceed with Labor's job-killing $1.8 billion fringe benefits tax hike."

He said its planned company tax rate cut to 28.5 per cent from 30 per cent in 2015 will provide an incentive for employers to invest more in their businesses and create jobs.

"The coalition's company tax cut will restore the confidence of business and workers which has been severely damaged under six years of Labor mismanagement."


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