The Australian Employment Minister Julia Gillard said 34,300 additional jobs recorded last month and a steady jobless rate of 4.3 percent are welcome news to the country, but the global financial crisis will impact on future economic growth and employment in Australia.
The seasonally-adjusted rise in jobs in October was positive news compared with economists' expectations of a 10,000 fall. The unemployment rate was also expected to rise to 4.4 percent.
"In the context of a dramatically slowing international economy, the government welcomes these very solid figures," Gillard, who is also the deputy prime minister, said in a statement.
"However, while we are better placed than most other countries, Australia is not immune from the global financial crisis. The global crisis will impact on growth and employment here, and the government does expect to see unemployment rise," she said.
Mid-Year Economic and Fiscal Outlook released on Wednesday said the government changed its forecasts on unemployment and predicted the jobless rate to rise to 5.0 percent by June 2009 and 5.75 percent by June 2010.
Source: Xinhua
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