Treasurer Jim Chalmers says the national economy is prepared to take on global headwinds, following data showing Australia outperforming international peers.
New Treasury Department analysis shows Australia had higher employment growth during the Albanese government’s first year in office than other major advanced economies.
The figures show that in the year since May 2022, Australia recorded 3.4 per cent growth in employment levels.
That compares with 2.7 per cent for the US, 1.8 per cent in Canada, 1.5 per cent in Italy, 0.8 per cent in Germany and 0.3 per cent in Japan.
Between May 2022 and May 23, 465,000 jobs were created, the highest number for any new government on record.
Dr Chalmers said while the economy faced challenges, the country was in a strong position.
“This is a remarkable achievement for the economy and for the Australian people,” he said.
“Despite everything that’s coming at us, we’re world leaders when it comes to job creation and workforce participation.
“While we know slowing global growth, high inflation and higher interest rates will impact our economy and labour market over the coming 12 months, Australia is in a better position than nearly any other country to face the challenges ahead.”
Currently, the country’s participation rate stands at 66.9 per cent, which is being driven by record high participation of women, which is at 62.7 per cent.
The figures come off the back of the national unemployment rate dropping last week, with May data showing a fall from 3.7 to 3.6 per cent.
The May figures mark the 14th month in a row of the unemployment rate being below four per cent.
Dr Chalmers said the share of women being in work, at 60.5 per cent, was also a record high.
“More Australians are in work than ever before, the participation rate is higher than ever before and the share of women in work is higher than ever before,” he said.
