Australia's employment rate has grown to a "record high", with 180,000 more Australians in work today than at the start of the COVID-19 pandemic.
Federal Treasurer Josh Frydenberg today released the mid-year budget update, and said the unemployment rate had fallen to 4.6 per cent, with more than 366,000 jobs created this month in a new record.
Women have been employed in almost 60 per cent of these jobs, with young people being hired in a third of them.
LIVE UPDATE: PM calls Tasmania jumping castle accident 'horrific tragedy'
The drop in unemployment means it is the first time since before the global financial crisis in the 1970s that Australia has sustained an unemployment rate at below five per cent.
The unemployment rate is forecast to fall even further to 4.5 per cent by mid-next year.
"Employment is at a record high, with 180,000 more people in work today than at the start of the pandemic," Mr Frydenberg said.
"This result belongs to all Australians who have sacrificed so much over the last two years.
"It further confirms the Australian economy is rebounding strongly, having outperformed every major advanced economy throughout the COVID-19 pandemic."
One million new jobs are expected to be created next year.
Mr Frydenberg said despite the blow of the Delta outbreak, which saw 13 million Australians subject to extended lockdowns, the country's fiscal outlook was "stronger" than originally forecasted in May.
READ MORE: Qantas overhauls domestic jets, flags $1.1 billion loss
https://twitter.com/ElizaEdNews/status/1471276952308924418The Real Gross Domestic Product is expected to grow by 4.5 per cent in 2021 and by 4.25 per cent next year, reflecting the "strong" momentum of the economy.
Australia's budget deficit for the year 2021-22 2 is forecast at $99.2 billion the Mid-Year Fiscal and Economic Outlook (MYEFO) revealed, which is $7.4 billion better than the prediction of $106.6 billion made in the May budget.
"Tax cuts for families are boosting household incomes, with household consumption set to increase at its fastest pace in more than two decades," Mr Frydenberg said.
READ MORE: Kids seriously hurt when jumping castle lifted 10m off the ground
"Temporary tax incentives are driving the strongest increase in business investment since the mining boom, with non-mining investment forecast to reach record levels."
Finance Minister Simon Birmingham said since handing down the budget in May, the country had faced "real disruptions" from COVID-19 and Delta-driven lockdowns, which had seen more than $24 billion in additional health and economic support provided to businesses, households and health systems.
"This support has been proven to not only be necessary but to be highly effective given the positive results it continues to demonstrate for our economy, for the jobs and security of all Australians," he said.
