A strong economy is driving jobs growth which has seen the unemployment rate fall to a seven year low at 5.0 per cent with more than eight out of ten jobs created in the last year in full time work. The combination of new jobs and reforms to our welfare system have resulted in welfare dependency for working age Australians falling to its lowest level in 30 years.
We are also ensuring Australia continues its record run of 27 consecutive years of economic growth with tax cuts for the 3.2 million small and medium sized businesses – employing over 6.7 million people – to drive investment and create new jobs.
The benefits of our strong jobs record is far reaching with more women, young people and older Australians finding work than ever before. Female participation in the workforce is at a record high while the last financial year saw the strongest increase in youth employment on record. One third of the jobs created since we came to office have been for older Australian and together with initiatives such as the pension work bonus we are supporting the choices of older Australians and preparing for an ageing population.
A strong economy means that we can deliver the essential services that Australians need and expect – with record funding on the things that matter for Australians, like health and education while investing in state of the art infrastructure to drive productivity and a brighter future.
We are on track for a budget surplus in 2019-20, for the first time in twelve years. With the budget returning to surplus, we will start paying down debt. We are doing this, not through higher taxes, but by growing the economy and more responsible spending.
A strong economy means that we can deliver the essential services that Australians need and expect.