Back in November 2012 Australia’s Liberal-National coalition, under the leadership of then opposition leader Tony Abbott, pledged that should they take office at the 2013 federal election that they would create one million jobs within five years.
It was an ambitious target, but an achievable one given job growth at-and-above the required level has been seen in Australia before.
So 20 months into their term in office, it’s time to see how the jobs pledge is progressing. Those of you who are cricket fans may recognise this. It’s a run-rate chart.
Instead of chasing an opposition’s score, in this instance it compares how job growth is progressing compared to the coalition’s five-year pledge.
After a terrible start – employment actually fell in the months after they took office – the “run chase” has accelerated although it remains short of what is required. Twenty months in, 283,910 jobs have been created, equating to a run-rate of 14,195 per month. Despite being positive, this falls short of 16,667 level required when the Coalition took office.
As a result of the poor start the required run rate now stands at 17,902 jobs per month. That’s not unassailable, particularly given the economy has generated on average 22,236 jobs per month so far in 2015. If that pace can continue not only will the jobs pledge be fulfilled – it will be annihilated.