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 plan, but an achievable one given job growth at-and-above that level has been seen in Australia before.
Well, 19 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 well short of what is required. Nineteen months in, 248,707 jobs have been created, equating to a run-rate of 13,090 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 has now lifted to 18,325 jobs per month. That’s not unassailable, job growth well in excess of that level has been seen for long periods before, but it will be difficult when the economy is experiencing sub-trend growth.
Perhaps the upcoming federal budget will provide the “power-play” to see growth, and potentially job creation, take off.