The ABS Labour Force data released today confirms that more Australians are unemployed or looking for work, with seasonally adjusted data showing unemployment has reached its highest level under Labor. 

 

It comes after wages data this week confirmed once again that real wages for working household are going backwards - down 2.2% over the year, and 9.4% under Labor. 

 

Labor’s big spending agenda is keeping inflation higher for longer, meaning Australians are working harder than ever to make ends meet, but the purchasing power of their pay packets continues to decrease.  

 

Meanwhile, Labor’s toxic workplace laws are putting productivity last and risking the sustainability of wage increases and the viability of economic growth.  

 

The RBA’s Statement of Conduct of Monetary Policy last week downgraded their forecasts for real wages growth. 

 

Based on these forecasts there will be no cumulative real wages growth under Labor’s whole term in Government. 

 

Labor is letting Australians’ standard of living free-fall due to rising prices, rising taxes and rising mortgage repayments. 

 

Inflation is running the economy, not the government. Labor is failing to lead and failing to make the tough decisions in the interests of Australian families and small businesses.  

 

Shadow Treasurer Angus Taylor said hardworking Australians are paying a high price for Labor’s economic mismanagement.  

 

“Australians are suffering because of Labor’s economic mismanagement. 

 

“The number of Australians unemployed is at its highest level since the election. Australians have seen the sharpest fall in living standards among peer countries. A record number of businesses have gone insolvent, and real wages continue to go backwards.  

 

“And sadly, there is no relief in sight.   

 

“This is an indictment on Labor.  

 

“We need a back to basics economic agenda in order to have a low inflation, strong growth economy. 

 

“But Anthony Albanese and Jim Chalmers continue to ignore the pain caused by their homegrown inflation. 

 

“That is not responsible economic management and will only see the country continue to go backwards.” 

 

Shadow Minster for Employment and Workplace Relations Michaelia Cash said that the government's failures on energy, housing, tax and workplace relations are driving up the cost of living for all Australians. 

 

“Business groups have warned that the radical changes to our workplace relations system will do absolutely nothing to improve Australia’s lagging productivity. Improving productivity is the only way we can have sustainable wage increases. 

 

“The Albanese Government is making life more difficult for the job creators of Australia by imposing more regulation, complexity and ultimately costs. These costs will be passed on to consumers or result in the loss of jobs – or both.’’ she said. 

 

ENDS. 

 

 

 

ON BACKGROUND: 

	CPI	Employee Household LCI	WPI	Real Wages (CPI)	Real Wages (Employee Households)
Over the quarter	+1.0%	+1.3%	+0.8%	-0.2%	-0.5%
Over the year	+3.8%	+6.2%	+4.1%	+0.2%	-2.2%
Under Labor Government  (Mar-qtr-22 to Jun-qtr-24)	+12.0%	+18.2%	+8.8%	-3.3%	-9.4%