WONG: Thanks very much for coming. Weve just seen the unemployment figures released, and we see a small increase in the unemployment rate from 4.9 per cent in June 2011 to 5.1 per cent in July 2011, with the participation rate which remained unchanged.
I think its important to recognise in these figures a couple of things. The first is that employment growth remained reasonably flat. We did have a fall in full-time employment, but that was almost entirely offset by a growth in part-time employment. So a fall in full-time employment of 22,200, which was almost entirely offset by part-time employment growing by 22,100 over the month.
It still is on the back of an economy that has had very strong jobs creation. Over the last year weve seen about 188,500 jobs created, and about 750,000 jobs since Labor came to office in 2007. Thanks very much, questions?
JOURNALIST: What do you put it down to, Minister?
WONG: Obviously these figures do move around. And as I said, I think its important to look at the actual figures in terms of numbers of people in employment. Theres a very marginal change there. We did also see more people entering the labour force, so youll see there are in fact more people looking for work than there were previously, so that obviously has an effect on the percentage of the unemployment rate.
JOURNALIST: Senator, is 5.1 per cent acceptable under any circumstances, unemployment?
WONG: As a Government, I think youve seen that weve made jobs a priority. The thing that we prioritised through the global financial crisis was keeping Australians in work. And when the Opposition criticises the stimulus package, lets remember that it kept Australians in work, and it kept our economy out of recession, which is why we are well-placed to weather the current uncertainties were seeing on international markets.
JOURNALIST: How are we weathering those uncertainties at the moment?
WONG: I think if you look at our fundamentals, they remain very sound. We have a very strong pipeline of investment, we have still very low unemployment by comparison with other advanced economies, where you see economies with a 9 per cent unemployment rate. Weve got a well-regulated and well-capitalised financial sector. So obviously we are not immune from the uncertainty and volatility were currently seeing in the global economy, but Australia remains well-placed to weather these issues.
JOURNALIST: It must be concerning given that its most likely going to be the beginning I guess of a downward spiral, quite publicised obviously, you know, issues financially, globally, and then starting to have an impact here in Australia, are you concerned that this may be the beginning of something more serious?
WONG: I think its very important for us to take a step back and just assess where we are. It is absolutely the case that we are not immune here in Australia from uncertainty that is occurring globally. But lets remember the strengths that we can look to. A very strong pipeline of investment. Companies wanting to invest in our country. Well-regulated, well-capitalised financial institutions. Low unemployment.
And of course, were in the right region. Were in the region of the world which is growing, and were hooked into growing economies. So whilst were not immune, were well placed.
JOURNALIST: Is it fair to compare full-time and part-time employment when youre looking at figures? I mean obviously theyre completely different in terms of what they mean for the actual person.
WONG: There is obviously some people who want full-time work, some people who wish for part-time work, and you know, that is the case. The point I was making is that we have seen an increase in part-time employment, we obviously also have seen a decrease in full-time employment by almost the same amount.
JOURNALIST: Were there any specific statistics for South Australia that you can recall?
WONG: I dont have them in front of me. There was from memory a small fall in employment in South Australia, but theyre available on the ABS website.
JOURNALIST: The Prime Minister has been heavy on the jobs training circuits around the country pushing how much investment there has been in that sector. When are we likely to see that impact on the jobs figures?
WONG: Weve got a very long-term perspective when it comes to education and training, and theres a reason we are engaging in that, and thats productivity. Its making sure that we ensure that people have the skills employers need, and we have the skills not just for todays jobs, but for tomorrows jobs. Its a very important part of our productivity agenda.
JOURNALIST: Is there a timeline? Obviously theres a heavy investment and people want to see results, and I guess one of the key results is the jobs, unemployment going down, when is acceptable to start to see that figure reduced?
WONG: Lets keep this in context. Were talking about an unemployment rate of 5.1 per cent. Some of our comparable economies are looking at 8 and 9 per cent unemployment. And weve created some 750,000 jobs since we came to Government.
JOURNALIST: On the back of these figures the Australian dollar fell almost immediately. Are you worried about any trends there?
WONG: The currency obviously reflects a great many things. And in recent times its actually been, as you know, much higher than its long term average, and thats obviously a question of what those who trade in the currency market see as the outlook. But what I would say is our fundamentals remain very sound.
JOURNALIST: Just quickly on the issue of state politics, do you think it would be better if there was a quick transition to Jay Weatherill instead of this 10 to 12 week period that weve got of mentoring?
WONG: These are matters entirely for the state party. But thank you for asking the question, it does give me the opportunity to place on record my appreciation to Premier Rann. Not just for what hes done for South Australia, which has obviously been a very substantial contribution. But its important to recall that he took over the Labor Party at a very difficult time in our history, and he led us out of the political wilderness. And he deserves a very important place in our history for having done that.
I wish Jay Weatherill all the best. I think Jay brings a quiet determination and a very lateral mind, a creative mind to this position, and those are very important attributes.
JOURNALIST: While it wasnt super smooth, do you think they learned some lessons from their federal counterparts on how to deal with the leadership swap-overs?
WONG: (laughs) I think Ill leave that for you and others to commentate on. Theyre matters for the state party.
JOURNALIST: Senator, may I ask you your reaction to your thoughts on the quite strident criticism that you have received from religious fanatics in politics about your impeding parenthood?
WONG: I think I made very clear on Tuesday when I put out my statement that this is a private matter. The only thing I do want to say is to take the opportunity to thank the very many people whove communicated their good wishes and congratulations to us and we appreciate it.
JOURNALIST: Does it frustrate you that your pending new child is such an issue for discussion whereas Tanya Plibersek, if she has a child, its not going to make front page of the paper. When you do, it does. Does that frustrate you?
WONG: I really have been clear, I think, about how I want to approach this. This is a private matter, I put out a statement on Tuesday, and I dont have anything further to add on that issue.
JOURNALIST: Just back on the jobs figures this is, I understand its the worst jobless rate since November 2010. But in the context of where the world is, what do you think the other economies would look at Australia and think of this 5.1 per cent?
WONG: I think that when I look at other advanced economies, youd have to say that if you had to be Finance Minister in any advanced economy at the moment, this would be the one youd want to be Finance Minister in. We certainly are in a much better position in terms of our low levels of public debt, our strong jobs growth in recent times, a strong pipeline of investment, and as I said, being placed in a part of the world which is growing.
JOURNALIST: The downgrading of America, is that going to see any effect in Australia, or has that already started to see any effect?
WONG: I think we have seen volatility on world markets, and there are a number of factors that you can point to. Whats occurred in the US, and of course whats occurred in Europe, that has weighed on markets. Whilst were not immune, Id again say, our fundamentals are very sound for the reasons Ive outlined.
JOURNALIST: Are you fielding tips to your counterparts internationally?
WONG: (laughs) No, Im very focused on what we need to do here.
Thanks very much.
ENDS