Frydenberg says jobs data ‘slightly better’ than expected

Treasurer Josh Frydenberg is also speaking about the jobs data released today, which showed unemployment had jumped to 4.6 per cent from 4.5 per cent in September.

The Treasurer said this was “slightly better” than expected.

“Although the headline unemployment rate doesn’t tell the full story of the impact on the labour market of the lockdowns in our two largest states of New South Wales and Victoria,” Frydenberg said.

“The participation rate was down and there are still many Australians who are doing it tough and who indeed have been stood down on zero hours.”

It was a key signal to state and territory leaders to stay the course on the national re-opening plan, according to Frydenberg.

“When you open up the economy, the quicker the recovery takes hold.”

“Job ads are still more than 20 per cent above where they were going into the pandemic. And over the course of the last week, we have seen business and consumer confidence increase.”

His view received a boost from strong jobs figures in virus-free states like Western Australia, Queensland, and Tasmania, where jobs were created.

“That is a positive sign as to what happens when you are not in lockdown.”

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